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Stephen Friedman's positions at Goldman Sachs and the New York Federal Reserve.

LyrArc Article Gist
The continuing decline in copper prices in Nov. 2015, and the Federal Reserve's decision to hold off on raising rates, are the subject of this comment.

LyrArc Article Gist
TThe Fed's intervention to buy mortgage backed securities, agency debt and Treasurys to ease credit approaches 1.25 trillion.

LyrArc Article Gist
The situation on the inflation front in 2009, as the USA faces productive use of manufacturing capacity under 70% and unemployment at nearly 10%.

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The improving performance at Citigroup under CEO Pandit.

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Dan Osborn is a union leader who led the strike at Kellogg Omaha plant in 2021. He is running for the US Senate seat in Nebraska which is conservative and Republican. He is shown here campaigning with Shawn Fain of the UAW autoworkers union at his side.

Osborn says he does not see Republican or Democrat or any color just a fair fight for fair wages for workers.

Osborn says-

“I didn’t see men or women or black or white or Republican or Democrat on the picket line. I just saw people that wanted to go to work for a fair wage and some good benefits.”  

This is what 2024 is also turning into in the US a fight for wages and for managing the cost of living in ways that bring a better life for workers and their families after years of neglect.

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At a videoconference between DJT and European leaders on Aug. 14, 2025, initiated by Germany's Merz , it was decided that no territory exchanges are to be discussed at DJT Putin meeting in Alaska. DJT and the Europeans will simply seek an immediate ceasefire followed by talks between Zelensky and Putin with DJT offering to be there to mediate differences. DJT says there will be strong sanctions on Russia in the event no ceasefire is reached. Legislation in Congress with 80 senators on board a clear majority of both parties is for putting a 500% tariff on countries such as China and India that import Russian oil. These imports exceed $100 billion each for China and India. DJT has placed a 50% duty on India if negotiations do not yield results on this issue. This is seen in Congress as fueling the continuation of the Russian war in Ukraine.

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H1-B Visas and the Three Hundred Thousand Indian Engineers, the 3 million they would have trained locally in India to 2030, are a huge loss to India and India's dream of rapid modernization. The 3.3 million engineers in the 51 states of the Union to 2030, born in the USA, will also be lost to America's dream of re-modernization. It hurts the dreams of both nations for modernization of infrastructure and economic growth. 

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Paletta, Hilsenrath and Solomon give an exceptional journalism report on the silence and tension in the room at the meeting on Monday, October 13, 2008, at 3.00 pm in the Treasury building. It was an historic meeting between Treasury Secretary Paulson, Fed chairman Bernanke, and FDIC chairwoman Sheila Bair on one side, and the head of America's leading banks on the other side. The situation was explained, the bankers asked questions, bankers were not allowed to negotiate, and at one point Bernanke had to intervene saying there was no need for this meeting to have a confrontational tone. Wells Fargo's Kovacevich asked why banks had to accept a capital injection. Kenneth Lewis of Bank of America softened the tone of the meeting by saying that "any one of us who doesn't have a healthy fear of the unknown isn't paying attention." Even before the meeting an anxious John Mack of Morgan Stanley asked Paulson for the reason for the meeting and Paulson told him, "come on down, you will be pleased." John Mack who had fought so many rumors of the firm's demise, was surely pleased with the $10 billon injection of capital in Morgan Stanley by the government in return for preferred share and a dividend of 5%, which helped assure markets about Morgan Stanley's future. Goldman Sach's also received $10 billion. The meeting was ended at 4.30pm. Before this Timothy Geithner, head of the New York Fed, acting as the point man went around handing each CEO a term sheet with a place to sign. Another meeting was setup for 6.30 pm and at that time all the term sheets were returned - and all were signed. There was no meeting. Treasury officials and Fed officials and others had hoped that the intervening time would give CEO's a time to talk to their boards, to think things over, and clear their heads. In a few hours the government took preferred shares in the nation's leading banks and injected $125 billion into the largest banks. Treasury injected $25 billlion in Bank of America, Citigroup, and JP Morgan Chase, And between $20 and $25 billion in Wells Fargo, and $3 billion in Bank of New York Mellon, and $3 billion in State Street. Another $125 billon would be injected into other smaller banks in coming days. Officials at Treasury, Fed and FDIC and other government officials hoped this would give a "confidence shock" to the nation's banking system. ...

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The Fed'sOpen Market Committee statement in the wsj September 19, 2007. The Fed funds rate dropped by 50 basis points to 4 and 3/4%, and the discount rate dropped by 50 basis points to 5 and 1/4 %. This is stated a being for purpose of forestalling disruption in financial markets and to maintain moderate growth over time. The Fed will also moinitor inflation developments carefully. See the Lucas article in today's wsj which asks that the Fed continue to focus on its inflation targeting role.