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More on that Federal Pay Cut
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 3/9/10
Last week, Wesbury and Stein proposed a 10 percent pay cut for all civilian federal workers in order to send a signal to creditors that policymakers were concerned about the deficit. That article generated more responses than any article the two have published. Many comments were supportive, but most were negative. Many critics of the proposed pay cut pointed to the relatively low wages of younger federal workers, while others argued that a pay cut would blunt the multiplier effect. This latter argument is fallacious, because every dollar the government spends must come from somewhere else.

Bernanke Finally Fingers Mark-To-Market
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 3/4/10
Mark-to-market ideology is affecting the ability of the Federal Reserve to exit its quantitative easing. The mark-to-market rule uses bids, or exit prices, to value assets. Chairman Bernanke signaled that he recognized the problem in February when he said commercial real estate loans should be valued on income from their property, rather than their collateral value. As long as mark-to-market valuation continues to drag on securitization, the Fed will remain hesitant to withdraw its support of the system.

Getting Serious About the Deficit
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 3/1/10
President Obama's proposed 2 percent federal worker pay hikes, unveiled amidst a 9.7 unemployment rate and widespread private sector pay cuts, send a clear signal: The U.S. is not yet serious about the deficit. A 10 percent across-the-board federal worker pay cut would net just $15 billion in net outlay savings, but would permanently shift future wages onto a lower path.

Don't Be An Economic Hypochondriac
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 2/22/10
There are always things to worry about in the economy. With an accommodative monetary policy and the end of the panic, however, the economy is heading upward. The consensus forecast for economic growth has grown from 2 percent of real GDP to roughly 3 percent. This forecast may continue to grow to 4 percent or more.

The Fed Tests the Waters
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 2/20/10
The Federal Reserve took a big first psychological step toward a tighter monetary policy yesterday when it raised the discount rate to 0.75 percent, from 0.50 percent. The Fed wants to make sure, however, that markets understand that a rising discount rate does not necessarily entail higher federal funds rate.

Greece is Not Lehman Brothers
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 2/17/10
Sovereign debt defaults are the most recent fears plaguing investors. If governments refuse to cut spending and markets refuse to finance excess outlays, debt defaults could spread worldwide one-by-one. The current sovereign debt crisis in Greece is more likely to lead policymakers to reduce spending to reasonable levels, however, than to kick off a new financial panic.

The (Relatively) Bullish Case for Consumer
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 2/13/10
Wesbury and Stein justify their 4-4.5% forecast for growth in real GDP in 2010 with five factors: rising consumer incomes; deleveraging; higher savings; a pickup in home building; and pent-up demand for autos.

"Extended Period" of Low Rates Starting to Lose Support
by Brian S. Wesbury and Robert Stein of First Trust Advisors, 1/28/10
The Federal Reserve made no direct changes to the stance of monetary policy today, leaving the target range for the federal funds rate at 0% to 0.25%. However, one member dissented from the Fed?s comm
Results 751–758 of 758 found.