Worthwhile Reads – November 21st

Two weeks ago, The Center for Popular Democracy was able to meet with Fed Chair Janet Yellen and three other Fed governors to state their case on how the Fed can help Fix the Jobs. Part of their demands are that the public has more input over selection of Fed presidents. “They want a public schedule of the process, a list of criteria for how the replacements will be chosen, a chance for members to question the candidates, and public forums where citizens can discuss monetary policy with candidates and the search committee.”

On selecting Fed Governors, with currently two vacancies, Senators Elizabeth Warren and Joe Manchin wrote an article for the Wall Street Journal. In it they call for President Obama to nominate people that will help fix the regulatory problems at the Federal Reserve. Stating,

“The five sitting governors have a variety of academic and industry experience, but not one came to the Fed with a meaningful background in overseeing or investigating big banks or any experience distinguishing between the greater risks posed by the biggest banks relative to community banks. By nominating people who have a strong track record in these areas and who have a demonstrated commitment to not backing down when they find problems, the administration can show that it is taking the Fed’s supervision problem seriously. Nominating Wall Street insiders for the Board of Governors would send the opposite message.”

The Editors at BloombergView take Japan’s new recession to remind people that the EU and US central banks can learn from mistakes made by Japan for the 15+ years in dealing with their macroeconomic problems. Stating,

“Japan’s challenges in the early 1990s bear a striking resemblance to those of the broader developed world today. Government spending programs in the U.S. and Europe have fallen short of what the International Monetary Fund says is needed to reinvigorate growth. Banks are undercapitalized, contributing to a malaise that has seen euro-area business lending shrink for two years straight. Economists are warning of an extended period of stagnation unless governments act to increase potential growth — by investing in infrastructure, encouraging more people to join the work force and promoting competition.”

Finally, Pew Research investigates in detail who are the people the have dropped out of the workforce. Finding that older workers are staying in the labor force longer while more younger workers are opting out of the labor force for various reason. Of the population of adults out of the workforce 35.1% are discouraged workers.

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