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[298] Eichengreen, Galbraith on the Fed and the US economy

On Tuesday, Federal Reserve Chairwoman Janet Yellen testified before the Senate Banking Committee for the first time since Republicans gained control of the Senate in January. While addressing the committee, Yellen made a lengthy case against Audit the Fed legislation. While waving the report in the air, Yellen warned that the bill would make the Fed less effective and harm the US economy. Yellen also told us that the Fed is not poised rates for at least a number of months, but expectations are still for a rate rise sometime this year. Erin weighs in.

Then, Erin is joined by Barry Eichengreen – professor of economics and political science at the University of California, Berkeley and professor of American history and institutions at the University of Cambridge. Barry gives us his take on Yellen’s commentary on the Fed’s interest rate policy and how serious the prospect of deflation is. He also dismisses “Audit the Fed” as a potential politicization of central bank policy that would be negative for decision-making.

After the break, Erin sits down with James Galbraith – professor of government at the University of Texas at Austin and author of “The End of Normal.” James gives us his positive take on US Senator Bernie Sanders and US Senate Budget Committee Chief Economist Stephanie Kelton and explains how their economic proposals are different than what other Democrats have put forward. Professor Galbraith also weighs in on the US economy and Fed policy. He sees an over-reliance on monetary policy that has limited expansion but believes the Fed has done well within the confines of the existing policy approach.

And in The Big Deal, Erin and Edward Harrison discuss boxing and the estimated revenue of the upcoming “Fight of the Century” between Floyd Mayweather and Manny Pacquaio. The purse will be an estimated $200 million, breaking all historical records. Take a look!




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Published by Anthony , 26.02.2015 at 15:46
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Rick Westly
Rick Westly 27 February 15 23:32 Lol the fed is already audited. They publish info they know won't damn themselves in a controlled manner. If they were properly audited, who knows what kind of financial carnage it would cause? Text hided expand
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Henry Plant
Henry Plant 2 March 15 22:18 They publish info they know won't damn themselves in a controlled manner. If they were properly audited, who knows what kind of financial carnage it would cause? Text hided expand
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