{"id":592,"date":"2014-10-25T19:38:20","date_gmt":"2014-10-25T23:38:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=592"},"modified":"2014-10-25T19:38:20","modified_gmt":"2014-10-25T23:38:20","slug":"something-is-dangerously-wrong-at-the-new-york-fed-armstrong-economics","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=592","title":{"rendered":"Something Is Dangerously Wrong at the New York Fed | Armstrong Economics"},"content":{"rendered":"<p><a href=\"http:\/\/armstrongeconomics.com\/2014\/10\/25\/something-is-dangerously-wrong-at-the-new-york-fed\/\">Something Is Dangerously Wrong at the New York Fed | Armstrong Economics<\/a>.<\/p>\n<p style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; padding: 0px; margin: 0px 0px 1.625em 0px; border: 0px initial initial;\"><a style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; color: #1982d1; text-decoration: underline; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/i0.wp.com\/armstrongeconomics.com\/wp-content\/uploads\/2013\/06\/FedRes-NYC.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-12000\" style=\"line-height: inherit; clear: both; display: block; max-width: 97.5%; height: auto; width: auto; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #eeeeee; background-position: initial initial; background-repeat: initial initial; padding: 6px; margin: 0.4em auto 1.625em auto; border: 1px solid #bbbbbb;\" src=\"http:\/\/i0.wp.com\/armstrongeconomics.com\/wp-content\/uploads\/2013\/06\/FedRes-NYC.jpg?resize=299%2C254\" alt=\"FedRes-NYC\" width=\"299\" height=\"254\" \/><\/a><\/p>\n<p style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; padding: 0px; margin: 0px 0px 1.625em 0px; border: 0px initial initial;\">In a speech this week, New York\u00a0Federal Reserve Board President William Dudley addressed\u00a0pervasive misconduct within the financial industry, refusing to\u00a0dismissively lay the blame on a few bad apples. \u201cThe problems\u00a0originate from the culture of the firms, and this culture is\u00a0largely shaped by the firms\u2019 leadership,\u201d Dudley said.<\/p>\n<p style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; padding: 0px; margin: 0px 0px 1.625em 0px; border: 0px initial initial;\">He offered some interesting suggestions on industry\u00a0compensation practices, but his main message was a warning: If\u00a0nothing changed, regulators would have to conclude that large<br style=\"line-height: inherit;\" \/>financial institutions are too big to manage, and \u201cthat your\u00a0firms need to be dramatically downsized and simplified so they\u00a0can be managed effectively.\u201d<br style=\"line-height: inherit;\" \/>Related: Are Regulators About to Let Another Bank Get Too<br style=\"line-height: inherit;\" \/>Big to Fail?<\/p>\n<p style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; padding: 0px; margin: 0px 0px 1.625em 0px; border: 0px initial initial;\">These were notable words from someone in the actual position\u00a0to undertake a big bank breakup. But Dudley added a little\u00a0caveat, as typical for such speeches: \u201cWhat I have to say today\u00a0reflects my own views and not necessarily those of the Federal\u00a0Reserve System.\u201d He would have to say that, because the\u00a0organization he runs hasn\u2019t practiced what he preached.<\/p>\n<p style=\"line-height: inherit; font-family: inherit; font-size: 15px; font-style: inherit; font-weight: inherit; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; padding: 0px; margin: 0px 0px 1.625em 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Something Is Dangerously Wrong at the New York Fed | Armstrong Economics. In a speech this week, New York\u00a0Federal Reserve Board President William Dudley addressed\u00a0pervasive misconduct within the financial industry, refusing to\u00a0dismissively lay the blame on a few bad apples. \u201cThe problems\u00a0originate from the culture of the firms, and this culture is\u00a0largely shaped by the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[58,124,303,305,313,883],"class_list":["post-592","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-regulations","tag-central-banks","tag-fed","tag-federal-reserve","tag-financial-industry","tag-william-dudley"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=592"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/592\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}