|President of the Federal Reserve Bank of St. Louis|
March 23, 1998 –March 31, 2008
|Preceded by||Thomas Melzer|
|Succeeded by||James B. Bullard|
|Born||June 19, 1937|
Wilmington, Delaware, U.S.
|Education|| Swarthmore College (BA)|
University of Chicago (MBA, PhD)
|Information at IDEAS / RePEc|
William Poole (born June 19, 1937) was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23, 1998 and began serving his full term on March 1, 2001. In 2007, he served as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy discussions in Washington. Poole stepped down from the Fed on March 31, 2008.
Poole is Senior Fellow at the Cato Institute, Senior Advisor to Merk Investments and, as of fall 2008, Distinguished Scholar in Residence at the University of Delaware.
Poole was born on June 19, 1937, in Wilmington, Delaware. He received an A.B. degree in 1959 from Swarthmore College and an M.B.A. in 1963 and a Ph.D. in economics in 1966, both from the University of Chicago. Swarthmore honored him with a Doctor of Laws degree in 1989.
Poole began his career at the Board of Governors of the Federal Reserve System in 1964 and worked as a senior economist there from 1969 to 1974. In 1974, he joined the faculty at Brown University, twice served as chairman of the economics department, and for five years directed the university's Center for the Study of Financial Markets and Institutions. He was the Herbert H. Goldberger Professor of Economics there when he joined the Federal Reserve Bank of St. Louis.
Throughout his career, Poole has served as a visiting scholar and an adviser at numerous institutions. From 1970 to 1990 he was a member of, and became senior adviser to, the Brookings Panel on Economic Activity. In 1980–81, he was a visiting economist at the Reserve Bank of Australia. From 1982 to 1985, Poole was a member of the Council of Economic Advisers and a member of the Academic Advisory Panels of the Federal Reserve Banks of New York and Boston. From 1985 until his appointment to the St. Louis Bank, Poole was an adjunct scholar at the Cato Institute and a member of the Shadow Open Market Committee. In 1991, Poole was Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. From 1989 to 1995, he served on the Congressional Budget Office Panel of Economic Advisors. In addition, he has been an adviser and consultant to the Federal Reserve Bank of Boston, a visiting scholar at the Federal Reserve Bank of San Francisco, and a visiting economist at the Reserve Bank of Australia.
Poole has engaged in a wide range of professional activities, including publishing numerous papers in professional journals. He has published two books, Money and the Economy: A Monetarist View,in 1978, and Principles of Economics, in 1991. During his 10 years at the St. Louis Fed, he gave over 150 speeches on a variety of topics.
Poole is a director of United Way of Greater St. Louis and member of the Webster University Board of Trustees. He was a member of the Chancellor's Council of the University of Missouri-St. Louis 1999–2003. He was inducted into The Johns Hopkins Society of Scholars in 2005,and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.
In a July 10, 2008, interview with Bloomberg News discussing two government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—Poole said, "Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer."The common and preferred equity shares of both GSEs declined sharply following Poole's comments, which prompted several Congressmembers, the OFHEO regulator, the Treasury Secretary, and President George W. Bush to make comments that were seen as supportive to the GSEs in order to stem fears that Fannie Mae and Freddie Mac would require a government bailout.
Poole was the 2009 keynote speaker at the Tulane Corporate Law Institute.
In a major article in April 2009 about Obama Administration Treasury Secretary Timothy Geithner and his role in the national and global financial crisis, William Poole was reported to have said that the Fed, by effectively creating money out of thin air, not only runs the risk of 'massive inflation' but has also done an end-run around Congressional power to control spending. Many of the programs 'ought to be legislated and shouldn't be in the Federal Reserve at all,' he contended." The article reported that, "[a]s the Fed became the biggest vehicle for the bailout, its balance sheet more than doubled, from $900 billion in October 2007 to more than $2 trillion today."
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. As of 2018, Fannie Mae is ranked number 21 on the Fortune 500 rankings of the largest United States corporations by total revenue.
Franklin Delano Raines also known as Frank Raines is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia. Freddie Mac is ranked No. 41 on the 2020 Fortune 500 list of the largest United States corporations by total revenue, and has $2.063 trillion in assets under management.
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The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks. Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in Little Rock, Louisville and Memphis. Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for the District and beyond; economic education; and community development resources.
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the collapse of a housing bubble, leading to mortgage delinquencies, foreclosures, and the devaluation of housing-related securities. Declines in residential investment preceded the Great Recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines.
Vernon P. "Vern" McKinley, born in East Chicago, Indiana advises governments on financial sector policy and legal issues. He is a Visiting Scholar at the George Washington University Law School and the co-author with the Wall Street Journal's James Freeman of Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi published by HarperCollins in 2018. He is also the author of Financing Failure: A Century of Bailouts, published by the Independent Institute in 2012. He was a primary election challenger to 28-year incumbent Congressman Frank Wolf in northern Virginia's 10th congressional district in the 2008 elections, the only one to ever challenge Wolf in a primary during his long tenure. McKinley lives with his family in Ashburn, Virginia and they have also lived in Kyiv and Yerevan.
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The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see Financial crisis of 2007–2008.
James Brian Bullard is the chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, positions he has held since 2008. He is currently serving a term that began on March 1, 2021. In 2014, he was named the 7th most influential economist in the world in terms of media influence.
The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises (GSEs) Federal National Mortgage Association and Federal Home Loan Mortgage Corporation by the U.S. Treasury in September 2008. A conservatorship isn't a takeover of the ownership, but a status to rehabilitate corporations. The warrant that the U.S. Treasury bought was only authorized to protect the taxpayer, therefore it will be cancelled once the Treasury recovers its investment. It was one of the financial events among many in the subprime mortgage crisis.
James B. Lockhart III is an American U.S. Navy officer, business executive, and, since September 2009, Vice Chairman of WL Ross & Co. LLC, which manages $9 billion of private equity investments, a hedge fund and a Mortgage Recovery Fund. It is a subsidiary of Invesco, a Fortune 500 investment management firm. He coordinates WL Ross's investments in financial services firms and mortgages. Lockhart serves co-chairs the Bipartisan Policy Center's Commission on Retirement Security and Personal Savings.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis.
The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2007. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
William C. Dudley is an American economist who served as the president of Federal Reserve Bank of New York from 2009 to 2018 and as vice-chairman of the Federal Open Market Committee. He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner, as United States Secretary of the Treasury.
The financial crisis of 2007–2008, also known as the global financial crisis (GFC), was a severe worldwide economic crisis. Prior to the COVID-19 recession in 2020, it was considered by many economists to have been the most serious financial crisis since the Great Depression. Lax financial regulation, excessive risk-taking by banks, and the bursting of the United States housing bubble culminated in a plummet in valuations of mortgage-backed securities which were tied to American real estate. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008 and a subsequent international banking crisis.
Market monetarism is a school of macroeconomic thought that advocates that central banks target the level of nominal income instead of inflation, unemployment, or other measures of economic activity, including in times of shocks such as the bursting of the real estate bubble in 2006, and in the financial crisis that followed. In contrast to traditional monetarists, market monetarists do not believe monetary aggregates or commodity prices such as gold are the optimal guide to intervention. Market monetarists also reject the New Keynesian focus on interest rates as the primary instrument of monetary policy. Market monetarists prefer a nominal income target due to their twin beliefs that rational expectations are crucial to policy, and that markets react instantly to changes in their expectations about future policy, without the "long and variable lags" postulated by Milton Friedman.
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This is an unannotated bibliography of writings about Fannie Mae and Freddie Mac as well as some material that covers other government sponsored enterprises such as the Federal Home Loan Bank System. While it is comprehensive, it is not exhaustive, with a focus on work published through 2011 by government agencies, economists, legal and policy scholars, private sector analysts and think tanks. It does not include Congressional testimony and shorter works. This bibliography has been posted on Wikipedia so that others can make additions to it. The original document may be found on SSRN. Please continue to follow guidelines consistent with the Chicago Manual of Style when editing this bibliography.
Phillip Lee "Phill" Swagel is an American economist who is currently the director of the Congressional Budget Office. As Assistant Secretary of the Treasury for Economic Policy from 2006 to 2009, he played an important role in the Troubled Asset Relief Program that was part of the U.S. government's response to the financial crisis of 2007–08. He was recently a Professor in International Economics at the University of Maryland School of Public Policy, a non-resident scholar at the American Enterprise Institute, senior fellow at the Milken Institute, and co-chair of the Bipartisan Policy Center's Financial Regulatory Reform Initiative.