Yes, that is the guy that Gregg is talking about. However, the article is 9 months old and not 'new'.Noah wrote:Gregg, is this the guy?Gregg wrote:William Grieder, forget the name of the actual book, but you can find it with that.
William Greider, who wrote the definitive book on the Federal Reserve, Secrets of the Temple: How the Federal Reserve Runs the Country, has a new article in The Nation magazine, Dismantling the Temple .
When discussing something as complicated as the economy and the Federal Reserve, 3,800 words is not long.Noah wrote:It's quite long, goes over some of the history of the Federal Reserve but I want to point out Greider's 6 reasons why the Federal Reserve should not be made systemic risk regulator.
Hindsight is 20/20. It is a lot harder to predict the future than it is to lay blame for what led to the economic crisis.Noah paraphrasing or quoting article wrote:It would reward failure.
That is an opinion that the article does not adequately support with sufficient research.Noah paraphrasing or quoting article wrote:Fed policy was a central force in destabilizing the US economy.
Again, that is an opinion.Noah paraphrasing or quoting article wrote:The Fed cannot possibly examine "systemic risk" objectively because it helped to create the very structural flaws that led to breakdown.
Yet, the Federal Reserve now releases minutes of the FOMC meetings and publishes summaries of policymakers' economic forecasts. Also, instead of the single annual report, the Federal Reserve now issues a monthly report on credit and liquidity programs and the balance sheet. The current level of Federal Reserve transparency is unprecedented.Noah paraphrasing or quoting article wrote:The Fed can't be trusted to defend the public in its private deal-making with bank executives.
Again, that is an opinion.Noah paraphrasing or quoting article wrote:Instead of disowning the notorious policy of "too big to fail," the Fed will be bound to embrace the doctrine more explicitly as "systemic risk" regulator.
Another opinion that attempts to predict the future.Noah paraphrasing or quoting article wrote:This road leads to the corporate state--a fusion of private and public power, a privileged club that dominates everything else from the top down.
Now, you add your own opinion.Noah paraphrasing or quoting article wrote:The last point that giving the Federal Reserve even more power leads to the corporate state is a little belated. The United States already is a corporate state, the Obama administration's proposal just makes it more official.
Look, if you want to criticize the Federal Reserve, you should learn how it operates and what functions it performs. In order to do that, you need to read AND UNDERSTAND several thousand pages of academic texts on the Federal Reserve. That may sound elitist, but unless you do that, you simply won't know what you are talking about.