The less-partisan choice for Fed chairman [clothing]
Previously occupied homes sold in June at a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors reported last month. That's close to a 31/2-year high reached in May and 15.2 percent higher than a year earlier.Despite the gains since last year, home prices are still 19 percent below the peak reached in April 2006, CoreLogic said. That's a key reason the supply of homes for sale remains low. Many homeowners are waiting to recoup their losses before putting their houses on the market.Another factor in the recent price gains is that foreclosed homes, which often sell at a discount to other homes, are making up a smaller proportion of overall sales.
We've heard a lot of arguments in the past two weeks about the relative merits of Janet Yellen and Larry Summers to be the next Federal Reserve chairman. It is the first time I can remember that the public and private discussions have been so open, which in general would be a good thing, particularly for an institution so steeped in a kind of "Holy-of-Holies" secrecy such as the Fed has been. What is less attractive is that it has now turned into something more like a political campaign.Central banks are effective only to the degree that they are perceived as politically independent — or at least as independent as possible in a system in which the members are appointed and confirmed by politicians. There's a ton of academic literature on that point that is fairly uncontroversial.
Nobody who gets appointed Fed chairman is ever ideologically neutral or perfectly centrist, but at the least there's been a great deal of effort to assure us that they have not been seen as partisan or tools of the White House. As a recent authorized biography of Paul Volcker points out, the one exception to that was Arthur Burns, an otherwise distinguished economist, who wound up laying the foundation for double-digit inflation in the late 1970s after caving to pressure from the Nixon White House on interest rates.
This is my favorite articles：Quizno's Selects Hula Point of Sale
We've heard a lot of arguments in the past two weeks about the relative merits of Janet Yellen and Larry Summers to be the next Federal Reserve chairman. It is the first time I can remember that the public and private discussions have been so open, which in general would be a good thing, particularly for an institution so steeped in a kind of "Holy-of-Holies" secrecy such as the Fed has been. What is less attractive is that it has now turned into something more like a political campaign.Central banks are effective only to the degree that they are perceived as politically independent — or at least as independent as possible in a system in which the members are appointed and confirmed by politicians. There's a ton of academic literature on that point that is fairly uncontroversial.
Nobody who gets appointed Fed chairman is ever ideologically neutral or perfectly centrist, but at the least there's been a great deal of effort to assure us that they have not been seen as partisan or tools of the White House. As a recent authorized biography of Paul Volcker points out, the one exception to that was Arthur Burns, an otherwise distinguished economist, who wound up laying the foundation for double-digit inflation in the late 1970s after caving to pressure from the Nixon White House on interest rates.
This is my favorite articles：Quizno's Selects Hula Point of Sale
2013-08-09 11:52
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