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Daily Archives: August 21, 2009

Speech by Federal Reserve Chairman on reflections on a year of crisis

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Chairman Ben S. Bernanke At the Federal Reserve Bank of Kansas City’s Annual Economic Symposium, Jackson Hole, Wyoming – August 21, 2009

  • Reflections on a Year of Crisis: “By the standards of recent decades, the economic environment at the time of this symposium one year ago was quite challenging. A year after the onset of the current crisis in August 2007, financial markets remained stressed, the economy was slowing, and inflation–driven by a global commodity boom–had risen significantly. What we could not fully appreciate when we last gathered here was that the economic and policy environment was about to become vastly more difficult. In the weeks that followed, several systemically critical financial institutions would either fail or come close to failure, activity in some key financial markets would virtually cease, and the global economy would enter a deep recession. My remarks this morning will focus on the extraordinary financial and economic events of the past year, as well as on the policy responses both in the United States and abroad.”
  • Related postings on financial system

    • New GAO Report: State High-Risk Health Insurance Pools

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    Health Insurance: Enrollment, Benefits, Funding, and Other Characteristics of State High-Risk Health Insurance Pools, GAO-09-730R, July 22, 2009 “A growing number of states–35 as of June 2009–have created high-risk health insurance pools (HRPs) primarily to provide coverage to individuals whose health status limits their access to coverage in the private individual health insurance market. HRPs–typically… Continue Reading

    Amazon, Microsoft and Yahoo Form United Front Against Google Books

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    Follow up to previous postings on Google Book settlement, BBB News reports – Tech giants unite against Google – “Three technology heavyweights are joining a coalition to fight Google’s attempt to create what could be the world’s largest virtual library. Amazon, Microsoft and Yahoo will sign up to the Open Book Alliance being spearheaded by… Continue Reading

    State/Local Employment Up Slightly Since Start of Recession, But Cuts Are Now Underway

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    State/Local Employment Up Slightly Since Start of Recession, But Cuts Are Now Underway by Donald J. Boyd, Nelson A. Rockefeller Institute of Government, August 20, 2009. “Government employment accounts for more than 22 million jobs — 17 percent of total U.S. employment — with state and local governments accounting for the vast majority of this.… Continue Reading