Economist Austan Goolsbee named next Chicago Fed president
Economist Austan Goolsbee will take over as president of the Chicago Federal Reserve after Charles Evans leaves early next year, the central bank branch announced Thursday. Goolsbee will take over officially on Jan. 9, 2023 and fill a term that expires Feb. 28, 2026. He's also a"Austan is an exceptional choice to be the next president of the Federal Reserve Bank of Chicago. Goolsbee comes to the Chicago Fed at a sensitive time for the central bank. Goolsbee will not be a voting member of the rate-setting Federal Open Market Committee in 2023.cnbc.com
Biden's dilemma in virus aid fight: Go big or go bipartisan
FILE - In this Feb. 5, 2021, file photo President Joe Biden speaks about the economy in the State Dinning Room of the White House in Washington. One featured a public show of trying to reach across the political aisle, with bipartisan rhetoric and a White House invitation for Republican senators. But it's more likely that the White House will need to choose between the two extremes. “President Biden’s got some pretty big tests in front of him when it comes to domestic policy. AdThe process of securing the $787 billion package — aid broadly credited for helping boost an economy in free fall — left a bad taste for the Obama-Biden White House.
Oregon, New Mexico order lockdowns as other states resist
Michelle Lujan Grisham of New Mexico said in imposing a two-week stay-at-home order. Nevada Democratic Gov. In Montana, where cases are up more than 16% in the past week, Democratic Gov. Democratic Gov. Some economists say the crisis has been falsely portrayed as a choice between the economy and public health.
Biden to focus on economic plans, inequality in weeks ahead
To have true justice in America, we need economic justice, Biden said this week in Philadelphia. The former vice president says the plans to be unveiled later this month will focus on housing, education and access to capital. Biden, who ran a centrist campaign to win the primary, was moving to the left on some economic issues before the virus hit. But as Biden and other alumni of the Obama administration can attest, grand ambitions sometimes meet more challenging realities. Austan Goolsbee, Obamas chief economic adviser during the 2008 campaign who later served on the Council of Economic Advisers, noted there was a similar concern during those years that simply reacting to the economic crisis could take the focus off progressive priorities.
Jobless claims reach record highs here's what Cramer and others have to say
Weekly jobless claims surged to a record-breaking 3.28 million in data released Thursday. To stem the damage, the Senate approved a $2 trillion stimulus bill as part of relief efforts to fight the economic damage from the coronavirus outbreak. A 'V' shape reboundAustan Goolsbee, former White House economic advisor, said perhaps a 'V' shape sequence could occur in the economy. Let's hope they can get the relief out quickly, because I think it's clear people are going to need relief. But so far, I think policy has stepped up to the plate and now the question will be, can it work?cnbc.com
Pete Buttigieg unveils plans to invest in affordable housing and child care and says how he'd lower the cost of college
The plans call for $70 billion per year in spending on child care and education and $45 billion per year on affordable housing measures. Former Vice President Joe Biden and Sen. Bernie Sanders have not released comprehensive child care plans. The affordable housing plan calls for $450 billion in spending on programs to lower housing costs. Buttigieg "will unlock access to" affordable housing for seven million families and "will enable 2.3 million more units of affordable housing to be built or restored." The spending will be directed toward federal programs that support affordable housing, including the Housing Trust Fund and the Capital Magnet Fund.cnbc.com
Stocks rise after positive September jobs report five experts break it down
Stocks look to end a sour week on a positive note following the September jobs report. Austan Goolsbee of the University of Chicago Booth School of Business says if a recession is coming, it could come quickly. If we get GDP growth falling down into the ones, I think the jobs numbers are going to fall apart. Kate Moore, head of thematic strategy for BlackRock's Global Allocation Investment Team, says this report threaded the needle for investors. David Kelly, chief global strategist at J.P. Morgan, has some concerns for future job growth.cnbc.com