Jay began writing politically themed commentary and founded his blog, Swimming Freestyle, in October 2007. Here he'll write about politics from a progressive perspective.

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The Fed evaluates new regulatory practices

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September 3, 4:36 PM

by Jay McDonough, Progressive Politics Examiner

More evidence the era of wholesale deregulation is waning. Federal Reserve Board Chairman Ben Bernanke recently suggested oversight by the Fed needs to be more broadbased and evaluate whole systems rather than individual institutions. The sign things were changing for the Fed was its recent role in organizing the sale of Bear Stearns and its involvement in opening lending facilities for other investment banks.

Bernanke said a comprehensive approach could allow supervisors to raise concerns about industry-wide concentrations of certain types of assets or certain types of practices, such as underwriting unusual types of mortgages.

Similarly, system-wide supervision could take into account how rules affect institutions differently at flush economic times as well as at stressful times.

"The macroprudential supervisor would recognize that, for the system as a whole, excessively conservative lending policies could prove counterproductive if they contribute to a weaker economic and credit environment," Bernanke said.

And while risk concentrations might be acceptable at one institution in a growth period, they might be dangerous if they were widespread among many firms, he said. (Link)

Any overhaul of the Fed's regulatory responsibilities is not likely to come anytime in the next several months and, most likely, will be pushed off for the next president and Congress.

Topics: Federal Reserve Bank , Ben Bernanke

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A picture for the day

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December 5, 8:47 AM

Madrid, Spain: Pofessional wrestler Hijo del Santo at a Mexican wrestling match (Photograph: Juan Medina/Reuters)... Read More

Obama's birth certificate; you can't keep a good conspiracy theorist down

8 comments

December 4, 3:24 PM

Did you know the Apollo 11 moon landing was faked by NASA?Did you know 9/11 attacks were orchestrated by the U.S. government?Did you know the government manages Area 51, where alien spacecraft and its occupants are being studied?Well, maybe you don't... Read More

The president's most solemn oath

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December 4, 2:12 PM

On January 20, 2009 Barack Obama will take the following oath and become the 44th president of the United States:"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of... Read More
Topics: Torture , Bush , Mukasey

Auto industry predictions

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December 4, 11:35 AM

Phil LeBeau from CNBC made some predictions the other day about the U.S. auto industry. A couple:1. Chrysler will be sold.This isn't hard to imagine. The company is a shell of what it once was, it has just enough cash to stay out of bankruptcy,... Read More

The case for health care investment

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December 4, 9:26 AM

Given the precarious state of the economy and the huge investment being made to keep Wall Street afloat, some have argued any move to implement universal health care is ill-timed. Jonathan Gruber, in an op-ed piece in today's New York Times, argues... Read More

A picture for the day

1 comment

December 3, 5:16 PM

Beijing, China: A newborn baby holds onto his mother's finger at a hospital (Photograph: Frederic J. Brown/AFP/Getty Images) ... Read More

UAW offers concessions to automakers

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December 3, 3:49 PM

The United Auto Workers announced today their willingness to make contract concessions to assist the troubled Big Three automakers in winning loan guarantees from the federal government. The UAW will agree to delay the autoworkers contribution... Read More

Subpoenas issued in Justice probe

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December 3, 3:09 PM

Attorney General Michael Mukasey appointed an independent prosecutor, Nora Dannehy, two months ago to investigate the dismissals of nine U.S. attorneys. Mr. Mukasey's move was initiated following an internal Department of Justice review that concluded... Read More

Retired officers want torture revoked

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December 3, 11:59 AM

The other day I noted a Washington Post op-ed, written by a former interrogator, arguing for an end to the use of torture by American forces. I included this comment:After reading much on the topic, it seems that the great majority of career military... Read More