Economics

Today more people are aware of the Federal Reserve's activities than ever before, mostly owing to the Ron Paul movement or H.R. 1207, Rep. Paul’s Federal Reserve Transparency Act, which had 317 cosponsors in the House. The spotlight on the Fed this past year did not prevent it from taking in a record-breaking $45 billion in profits last year, as recorded in public documents and reported by the Washington Post. The Fed's largest previous profit was $34.6 billion, in 2007.

An article in the New York Times asked that since the Federal Reserve “failed to recognize the last bubble,… why should Congress, or anyone else, have faith that future Fed officials will recognize the next [one]?” 

BernankeRegulatory failures and not low interest rates were responsible for the housing bubble, implosion and current recession, Federal Reserve Chairman Ben Bernanke asserted on Sunday.

Last Monday, the Federal Reserve unveiled its new “term deposit facility” as another tool to fight inflation.

Long-renowned economist Paul Samuelson died on December 13 at his home in Belmont, Massachusetts, at the age of 94. In addition to writing Economics in 1948 — which became the best selling economics textbook for several decades, having been translated into forty-one languages and selling over four million copies — Samuelson also won the Nobel Memorial Prize in Economic Sciences in 1970.

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