Federal reserve Quote by Danielle DiMartino Booth

““The Federal Reserve has always advertised itself as being above politics, impervious to outside influence. This is, of course, nonsense. The chairman is appointed to a four-year term by the president of the United States and must be confirmed by the Senate. Members of the Board of Governors are appointed to staggered fourteen-year terms by the president and are also approved by the Senate. It is common for governors to be appointed to an unfilled term if someone resigns before the end of their tenure. But the governors cannot be removed for their policy views—not by the chairman, or the president, or Congress. They have complete and total immunity.””

Danielle DiMartino Booth

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Federal reserve Politics

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“The transformation of my role at the bank began on February 7, 2007, when HSBC Holdings announced that its bad debts for the previous…

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“As a reminder, among other things, the FOMC sets the fed funds interest rate, the rate at which commercial banks lend reserve balances to…

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“With interest rates on CDs near zero, the average boomer household would need $10.6 million in principal to safely earn $15,930 in interest, the…

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“At Bernanke’s bidding, the Board of Governors held an emergency telephone conference on Friday, March 14, at 5 A.M. and voted to authorize the New York Fed to loan up to $30 billion to JPMC to bail out Bear Stearns. The transaction was carried out by the New York Fed’s SOMA through a newly created entity called Maiden Lane LLC.…

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“Usually an upbeat affair, the BCA conference in 2006 proved disturbing. Harvard professor Niall Ferguson asked a strange question: Why hadn’t the recent assassination…

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“I worked for one of those who pushed back against the majority. He was the lone member of the FOMC who voted against the…

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“The Economist wrote that the Fed was “taking the unprecedented (and, some say, disturbing) step of financing up to $30 billion of Bear’s weakest…

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“The big surprise: in his dissertation Greenspan addressed housing bubbles. “There is no perpetual motion machine which generates an ever-rising path for the prices…

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“At 6 P.M. Paulson and Bernanke briefed members of the House and Senate leadership. They had little choice, Bernanke explained. AIG was one of…

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Explore all 24 Danielle DiMartino Booth quotes

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