Category Archives: Monetary Policy

Gramm and Taylor: The Hidden Costs of Monetary Easing

By Phil Gramm and John Taylor as appeared in Wall Street Journal on September 12, 2012 Since mid-September of 2008, the Federal Reserve balance sheet has grown to $2,814 billion from $924 billion as it purchased massive amounts of U.S. Treasurys and mortgage backed securities. To finance those purchases the...
Read more

Gramm and Hubbard: What a Romney Recovery Might Look Like

By Phil Gramm and Glenn Hubbard as appeared in Wall Street Journal on June 7, 2012 Given last week’s grim jobs report, it’s now clearer than ever that the November election will be a referendum on the economy. Has the president’s program worked? Does Mitt Romney have a better program...
Read more

The ‘Financial Recession’ Excuse

The ‘Financial Recession’ Excuse Why did the U.S. recover faster from the panic of 1907 than from the 2008 recession and the Great Depression? By Phil Gramm and Mike Solon Commerce Department data released last Friday show that four years after the recession began, real gross domestic product per person...
Read more

Bring back deficit knife

Federal budget deficits are back with a vengeance. With the U.S. economy showing clear signs of recovery, it is time for Washington policymakers to shelve budget-busting health care reform and “cap-and-trade” legislation and focus instead on reducing deficit spending. Newly released budget projections from the Congressional Budget Office (CBO) and...
Read more

Phil Gramm: Deregulation and the Financial Panic

Loose money and politicized mortgages are the real villains. February 20, 2009 The debate about the cause of the current crisis in our financial markets is important because the reforms implemented by Congress will be profoundly affected by what people believe caused the crisis. If the cause was an unsustainable...
Read more