Distinguished Fellow @DukeGFMC and Duke Center on Risk. Professor of the Practice @DukeLaw. Previously: Dep. Sec. of @USTreasury and @FederalReserve Governor.
Joined December 2019
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The government has demonstrated that it has the will to quickly deploy resources at scale. The only question is for whom.
We should start by protecting households, whose spending is the only way to sustain the economy.
For more, read my latest blog post: bouncebackeconomy.org/bounce…
Sarah Bloom Raskin retweeted
For more on the @federalreserve's updated monetary policy strategy that @geneludwig mentioned, see Stephanie Aaronson's recent analysis: brook.gs/2YGmgnI
Up now: #VanishingAmericanDream panel 1 w/ @JayCShambaugh, @SBloomRaskin, & Janet Yellen. brook.gs/2RrVaN4
Bravo to @CFTCbehnam and Bob Litterman in leading the financial regulators in producing a comprehensive, bold, unanimous report regarding the roles they can all be playing now to prepare us for a sustainable economy: cftc.gov/PressRoom/PressRele…
Federal regulators' responses to pandemic-pummelled consumers in need of loans they can afford? "Hit 'em when they're down."
baltimoresun.com/opinion/op-…
Why are we funding oil and gas when we could be funding investments that create opportunity?
The Federal Reserve is buying up troubled assets from the fossil fuel industry. That’s unprecedented and risky, explains @SBloomRaskin. #NoFossilFuelBailout #YEARSproject
It is not too soon to set the stage for the next phase: coming to terms with what the post-pandemic landscape will demand of economic policy.
prospect.org/economy/the-bai…
In @TheAtlantic, @Sarah_Chayes writes about how corruption thrives if oversight and enforcement are weak: theatlantic.com/ideas/archiv…
During its economic rescue, the Fed should look at the sustainable value of the securities it is putting on its balance sheet.
More in @EENewsUpdates:
eenews.net/climatewire/2020/…
Fed should be using objective criteria in unchartered territory of purchasing corporate debt, and should only put on the balance sheet what has sustainable value.
Right now, bank regulators should be focused on two goals: (1) making sure that banks are actively encouraged to assist borrowers to get back on their feet, and (2) ensuring that banks are strong enough to provide that help. (1/2)
From @lriordanseville and @lehrennbc The Trump admin is tweaking regulations to address coronavirus, but also moving forward with rollbacks of environmental regs and changes to immigration courts. nbcnews.com/politics/donald-…
How swiftly our economy bounces back from this downturn will depend in part on the the strength of the labor market and effective dispatch of the stimulus.
I explained more on Monday when speaking with @leereiners and @lawrencegbaxter for a @DukeLaw @DukeGFMC virtual event:
The $2T stimulus--in addition to massive Fed liquidity--turned the water on full blast. But water’s no use if it can’t get through the pipes.
Americans are hit by economic shocks as confusion, stumbles undermine Trump administration’s stimulus effort wapo.st/2V2FhOx
Water in the faucets has been turned on full blast--Fed liquidity, small biz money, direct cash assistance, unemployment expansion. But now @USTreasury and @SBAgov need to assure households and small biz that the pipes are clear and funds are flowing to their intended recipients.
.@Aaron_Glantz in @reveal: the president and his appointees have taken a series of actions to protect "financial and real estate interests from the economic wreckage of the COVID-19 pandemic, at the expense of Americans who are bearing the brunt of it."
revealnews.org/article/ill-b…
But what about the people at home wondering whether their checks will arrive before their bills become due, they get sick, or they potentially lose their jobs?
What about the small businesses wondering how quickly forgivable loans will arrive?
Will they be saved in time?
Are you there @USTreasury? Americans are waiting for promised relief--full amount of check without cut for debt collectors. Please flag payments appropriately, using usual code to protect federal payments from garnishment.
theguardian.com/money/2020/m…
The stimulus bill is shaping up as a power move with quite a bit of discretionary and open-ended decision making authority being consolidated within the Federal Reserve and the Treasury:
nytimes.com/2020/03/31/us/po…
Sarah Bloom Raskin retweeted
Rubestein Fellow @SBloomRaskin urges federal government to prioritize people in stimulus spending - or risk another depression. bit.ly/2JwMCR6