We appear to have an instant consensus that the New York Fed could have reduced the cost of AIG assistance by negotiating a haircut on money owed to its counterparties. I don’t know if that’s the case or not. However, I do have a couple of points...

I guess what bothers me most is being taken for a fool. Let’s see now, breast cancer kills thirty-somethings and forty-somethings, but it kills more fifty-somethings and up. So, since we are all going to be sharing the cost of detection and...

Ron Paul’s proposal to audit the Fed sounds innocuous enough, but it is anything but.  I know from personal experience as president of the Dallas Fed that GAO auditors are only too eager to support the political agendas of their Congressional...

Notes made for remarks to the Federalist Society on November 13, 2009  It’s an honor to be on this panel with all these distinguished people. But I’m afraid I was invited because I’m considered soft on bailouts. That’s a terrible reputation...

The goods and services trade deficit widened in September, reversing recent improvements. It was good news that both imports and exports increased after a shrinkage of trade resulting from the global contraction. The deficit increased because imports...