Monetary Policy

Wrong Again, Mr. President

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Leave it to President Clinton to do the right thing in the wrong way. Last week the President announced that he would forgive, with Congress's consent, more than $5 billion in loans that 36 poor nations owe the U.S. government. This in itself is entirely proper for one simple reason: the governments ... [click for more]

Delay the Canonization

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Let's not rush to elevate outgoing Treasury Secretary Robert Rubin to sainthood. Rubin is like a surfer who accepts credit for creating the big wave that carries him to shore. He might look good riding the board, but he's not responsible for the wave's motion. The accolades being heaped ... [click for more]

It’s an Economy, Stupid

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America's central bank has spooked the stock and bond markets again. The Dow dropped almost 150 points and the bond market slipped last week on indications that the Fed may raise interest rates if the economy doesn't "slow down." Concerned officials there have been expecting a slowdown, but it hasn't ... [click for more]
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