The New York Times makes a Jesse Eisinger column out of that Dallas Fed report on "too big to fail" and banking regulation that was covered here back on March 22. Mr. Einsinger cavils:
the rebel regional Fed presidents have been skeptical about the Fed's aggressive and successful monetary policy and overly worried about inflation and the vulnerability of the dollar.
The Fed's monetary policy is so "successful" that the housing market bottom is still "elusive," the unemployment rate is still 8.3%, and the value of a dollar as measured in ounces of gold has fallen by about half over the past three years.
As for being "overly worried about inflation," hey, why worry when gasoline costs nearly $5 a gallon, private school tuition is $40,000 a year, the price of a weekday single copy of the New York Times at a newsstand in New York City has risen to $2.50 from the 60 cents that it cost in 1999, and the average premium for a family health insurance policy offered by an employer climbed to $13,300 in 2009 from $5,800 in 1999?
