March 13, 2012 -GrowPac, a political organization dedicated to better government and New York’s economic advancement today announced its support for Bob Turner. “I’m pleased to see that Congressman Bob Turner has announced he’s running for the United States Senate against Kirstin Gillibrand. GrowPac supported Bob to victory during his NY-9 special election last year, and we are very pleased to endorse Bob Turner for the United States Senate. “Senator Gillibrand has worked for … [Read more...]

The U.S. Needs A New Debt Limit David Malpass The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more ­national debt, not reducing it. It still serves that purpose. It’s unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt. It should be replaced with a new law that restrains spending when debt rises above the debt limit. The current debt limit … [Read more...]

By DAVID MALPASS On Wednesday the Federal Reserve shared its thoughts on the course of interest rates—but not on the implications for the value of the dollar. The two can't be disconnected. The Fed's rationale on interest rates determines the stability of the dollar, which is the economic bedrock for price stability, capital inflows, growth and jobs. Obfuscation on the dollar works fine for Wall Street, which reaps billions in profits from the Fed's unstable dollar policy. It trades … [Read more...]

By DAVID MALPASS The world is waiting anxiously for Europe to use a bazooka on its debt problems—i.e., to make such a strong financial commitment to European banks and bonds that they become investable again, unfreezing markets. But Europe probably won't go that far in this week's summits. This leaves in place a costly slow-motion bailout and a deepening recession. For the U.S., it means another drag on an economy already stalled by Washington's uncontrolled spending, taxes and … [Read more...]

Wall Street Journal August 31, 2011 Beyond the Gold and Bond Bubbles By DAVID MALPASS Treasury bond yields have been at near-record lows and gold prices at record highs, attracting millions of investors into idle assets through coins, exchange-traded funds and even warehousing facilities. This reflects fear about inflation and the stability of the financial system and, for some, the coming breakdown of society under the weight of $3.6 trillion in annual Washington spending and transfer … [Read more...]

Standard and Poor’s went straight to the heart of the matter on Friday in a first-ever downgrade of the U.S. AAA credit rating. It found that the “effectiveness of American policymaking and political institutions has weakened” and that the fiscal plan “falls short of what would be necessary” to stabilize debt. Ouch. Contrasting the U.S. with AAA countries such as the UK and Germany, S&P said it expects debt-to-GDP ratios there to peak around 2015 but continue to worsen here. … [Read more...]

Weak Dollar, Weak Economy By choosing to pay savers nearly nothing, the Fed discourages thrift and limits income growth. By DAVID MALPASS, August 5, 2011 Wall Street Journal With all eyes on the debt-limit debacle and Washington's out of control spending, it's easy to forget the monetary-policy mess created by the Federal Reserve and its near-zero interest rate. But it is even more harmful for economic growth than our $15 trillion debt and might get worse if the Fed lurches toward QE3, … [Read more...]