by Ayanna Pressley and David Stein
A historian of the relationship between economic policy and racial inequality and a member of the House of Representatives argue that the Federal Reserve needs to end its historic neglect of its mandate to promote full employment.
SOURCE: Lead Stories
Fact Check: NO Evidence Presidents Lincoln And Kennedy Were Assassinated For Trying To End Federal Reserve
There is no evidence that both Lincoln and Kennedy were assassinated because they wanted to destroy the Federal Reserve system (which also did not exist in Lincoln's day).
by Nomi Prins
If ground-up solutions to help ordinary Americans and small businesses aren’t adopted, one thing is predictable: once this crisis has been “managed,” we’ll be set up for a larger one in an even more disparate world.
It’s happened before.
by Stephen Mihm
Woodrow Wilson also withdrew his first choice for the Fed in 1914.
SOURCE: Bloomberg News
Stephen Mihm, an associate professor of history at the University of Georgia, is a contributor to the TickerThe jockeying to succeed Ben Bernanke as the chairman of the Federal Reserve Board appears to pit Fed Vice Chairman Janet Yellen against a field that includes former Treasury Secretary Larry Summers and former Vice Chairman Donald Kohn. If Yellen becomes the first woman to hold the post -- despite a few sexist swipes from Summers' supporters -- she’ll owe a special debt to Nancy Teeters, who broke the glass ceiling at the Fed when she became the first female member of the board in 1978.
Roger Lowenstein is writing a history of the Federal Reserve.ONE hundred years ago today, President Woodrow Wilson went before Congress and demanded that it “act now” to create the Federal Reserve System. His proposal set off a fierce debate. One of the plan’s most strident critics, Representative Charles A. Lindbergh Sr., the father of the aviator, predicted that the Federal Reserve Act would establish “the most gigantic trust on earth,” and that the Fed would become an economic dictator or, as he put it, an “invisible government by the money power.”
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