2011 June FIRE Policy News

Issue Date: 
June, 2011
Newspaper PDF: 

The June issue of FIRE Policy News leads with a report on Texas Congressman Ron Paul’s efforts to expose the billions of dollars in assistance that, at the height of America’s financial crisis, was given to foreign banks. “We now know that the Fed’s bailout had nothing to do with helping the American people,” Paul said.

Also in this issue:

  • New-home construction has fallen to nearly the lowest level ever recorded, according to the U.S. Commerce Department.
  • A decade ago, Lee County, Florida experienced some of the nation’s steepest climbs in housing prices. Since then housing prices there have plummeted. Apparently not having learned the housing bubble’s lesson, the county housing authority wants to send prices up again with a program that allows buyers to purchase a newly built house for virtually no money down.
  • An analysis of all 51 major United States insurance markets suggests Texas’s system for approving and administering insurance rates ranks among the very worst in the nation.
  • Finance expert Robert Genetski was so concerned about Fed Chairman Ben Bernanke’s House Committee on Banking testimony in March that he decided to decipher the chairman’s remarks to reveal their real meaning.
  • What used to be roundly condemned as “creeping inflation” in the 1950s is today given the scientific-sounding name “inflation-targeting” and hailed as the proper goal of monetary policy. But this view is based on a fundamental confusion: It conflates deflation and depression, which are two very different phenomena.

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