When I was SVP in charge of the Richmond Fed’s Baltimore branch and attended Maryland Bankers Association events, I always cringed when I was introduced, along with the state banking commissioner, as a banking regulator. She was, but I wasn’t. Our examination department was housed in the home office in Richmond and the branches were not ...

One of my favorite newspaper clippings is an op ed piece in the WSJ by Art Laffer in June 2009 predicting high inflation and interest rates resulting from the Fed’s easy money policy. The culprit specifically was the monetary base shown in an accompanying chart taking off like a rocket. I think enough time has passed to declare him wrong, which ...