Bill Foster: “And many of us believe that the specter of default on sovereign debt should never happen, it is unthinkable.”

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.

I think it is my personal goal to die before we have another financial crisis, and then I will be doing my job well.

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

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----