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The B.S. of A.
WE’RE KNEE DEEP— ARE YOU SHOVEL READY? Politicians who say anything and do nothing . . . People lamenting Constitutional rights they don’t have . . . Protesters equating everyone to Hitler . . . Teeth-gritting partisans! Tax-evading congressmen! Fact-evading Americans! If you’re incredibly disenchanted, if you feel that this great country of ours is suffering from chronic bullsh*t at the federal, state, and local levels, good news: Not only are you in good company, but here’s a book to make you feel a little bit better— THE B. S. OF A.! Whether you voted for “hope” in 2008, or “change” in 2010, odds are you’re feeling a tad despondent. Here at last is a straight-talking...
The United States vs. Santa Claus
The comedic minds behind TheBlaze TV’s hit show The B.S. of A. with Brian Sack bring you a hilarious illustrated account about the government’s never-ending war on Christmas. 'Twas right before Christmas And in the White House A dread plan was hatched To make Santa a louse Joe Biden assisted, and Mike Bloomberg too And before we all knew it, old Saint Nick was through. The comedic minds behind TheBlaze TV’s hit show, The B.S. of A. with Brian Sack bring you their hilarious vision of Christmas Future—or possibly sooner. What happens when the Scrooge-iest Washington politicians take on the jolliest soul of all time? Can a scandal-plagued administration distract the American public by b...
In the Event of My Untimely Demise
When Brian Sack's mother passed away, he was left with a letter and a pink cardigan. The cardigan was promptly placed in a drawer, but the letter was pure gold. In just a few pages of fancy cursive, her posthumous dispatch offered the kind of guidance you would expect from a mother to her young son. And while he didn't necessarily follow all the advice, he never forgot how very important those words—and that letter—were to him. Decades later, on the verge of parenthood himself, Brian decided to write something for his own child, wanting a legacy, and not just a pink cardigan, to leave to his son. But far from the usual collection of advice, Brian has written a sharp, sage, warts-and-all ...
Monetary Policy Alternatives at the Zero Bound
"The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset"--Abstract.
Measuring the Reaction of Monetary Policy to the Stock Market
Movements in the stock market can have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy. However, little is known about the magnitude of the Federal Reserve's reaction to the stock market. One reason is that it is difficult to estimate the policy reaction because of the simultaneous response of equity prices to interest rate changes. This paper uses an identification technique based on the heteroskedasticity of stock market returns to identify the reaction of monetary policy to the stock market. The results indicate that monetary policy reacts significantly to stock market movements, with a 5% rise (fall) in the S & P 500 index increasing the likelihood of a 25 basis point tightening (easing) by about a half. This reaction is roughly of the magnitude that would be expected from estimates of the impact of stock market movements on aggregate demand. Thus, it appears that the Federal Reserve systematically responds to stock price movements only to the extent warranted by their impact on the macroeconomy.
