Visit to the Federal Reserve Bank of New York
We were treated to a private tour - organized by OAANY member Michael Maltese which included the opportunity to see $100 billion worth of gold bars stored in their vaults - 5 storeys underground in Lower Manhattan.
We were then treated to a q & a session with Steve Malin - who in addition to working at the Fed, teaches at Barnard College.
Photo's are not allowed in, near, or around the Federal Reserve Building, so these photos of some of the members of the group were taken at the Starbucks down the road..
http://www.flickr.com/photos/41246470@N00/sets/1168054/show/
To see the New York Fed's website goto http://www.newyorkfed.org
Michael has also sent us a couple of pieces: One, below on Alan Greenspan's future successor. The other, from the Fed's website on William McDonough's testimony to the House Banking and Finance committee on the Fed's role in the recapitalisation of LTCM.
http://www.newyorkfed.org/newsevents/speeches/1998/mcd981001.html
Fed chief nomination in November?
Sue Kirchhoff and Judy Keen
19 October 2005
USA Today, B.1
WASHINGTON -- The White House plans to nominate a successor to retiring Federal Reserve Chairman Alan Greenspan in early to mid- November, an administration official with direct knowledge of the search process said Tuesday, speaking on condition of anonymity because of the sensitive nature of the subject.
That means lawmakers could have to act quickly to get any nominee approved by the Senate Banking Committee and the full Senate before it adjourns for the year, assuming the White House meets that schedule. And the process threatens to be complicated by a growing battle over tax and spending policy.
Greenspan's term expires on Jan.31. He could remain in office longer, if needed, but Greenspan, 79, has made clear he wants to leave as planned.
Congress is tentatively set to adjourn in November.
But a rebellion by conservative Republicans, who want to cut social spending by about $50billion while approving $70billion in additional tax cuts, has complicated the outlook.
"We're assuming there's going to be a knock-down, drag-out brawl over the budget," says Jim Manley, spokesman for House Democratic Leader Harry Reid of Nevada, suggesting the Senate could keep working until Christmas.
A longer session means more time to consider a nominee. But if the budget debate is as partisan as it promises to be, it could mean extra scrutiny for any Greenspan successor, especially if he or she helped push Bush fiscal policies, including tax cuts Republicans now want to extend.
Bush has offered little insight into his plans. In early October, he told reporters he had not yet reviewed names of possible replacements, adding, "It's important that whomever I pick is viewed as an independent person from politics."
Economists and market analysts have focused on a short list of possible choices, including Harvard professor Martin Feldstein, White House Council of Economic Advisers Chairman Ben Bernanke, Columbia University professor R. Glenn Hubbard, Fed Governor Donald Kohn and Fed Vice Chairman Roger Ferguson.
Economists polled by USA TODAY last month named Bernanke -- a former Fed governor and chairman of Princeton's economics department -- their top choice.
Bernanke received 30 first-choice votes from the nearly 50 economists surveyed; Feldstein was No.2 with four.
Martin Regalia, chief economist for the U.S. Chamber of Commerce, says he doesn't think Congress would hold up a Fed nomination, given its importance. Adam Hughes, budget policy analyst for non-profit OMB Watch, part of a coalition of advocacy groups battling Republican budget proposals, says the nomination has been non- political in the past, adding that the specific choice will make a big difference in the debate.
© 2005 USA Today
