Bill Foster: “But in this case, no OMB approval was issued, and your agency has done nothing.”

Do you remember with AIG, the real problem with AIG falling into bankruptcy is that it would immediately put a bazillion of the European banks into violation of their capital requirements, which was major contagion that----

The good news is that macroeconomic policy is working as designed.

I think we should consider adopting this in the coming session of Congress, at least on a temporary basis.

While the Presidency is often the focus of political pronouncements about macroeconomic conditions, there is no question that it undersells the importance and the independence of the work of the Federal Reserve Board.