Interview with Andrew Huszar

Featuring Andrew Huszar

Andrew Huszar, Senior Fellow at Rutgers Business School, brings us back to the early ’00s to share an inside view of the New York Fed during and after the financial crisis, giving us a look behind the curtain at the perspective, psychology, and well-intentioned failures of the Federal Reserve while on the road of fiscal stimulus.

Published on
10 February, 2016
Topic
Macro, Monetary policy, Career
Duration
49 minutes
Asset class
Bonds/Rates/Credit, Cash, Equities
Rating
20

Comments

  • LV

    Luís V.

    25 2 2016 21:51

    0       0

    Congrats to Andrew & Grant. The candour is enlightening. And frightening as to the pinnacles of public policy thinking and action. Very important interview. Well done Andrew.

  • JB

    Jeff B.

    23 2 2016 06:45

    0       0

    Andrew speaks like the Fed is a government institution that is trying to do the best it can for the populace. To the contrary, the Fed's allegiance is to banks, more specifically the big banks.

  • JB

    Jim B.

    21 2 2016 21:25

    1       0

    Jonathan is correct! The Fed is implementing "monetary fascism" in a big way. Even worse, other central banks around the world are even more activist,buying up big positions in the stock market.

  • SC

    Shaun C.

    15 2 2016 23:39

    3       0

    I applaud him for speaking his mind not the institutional line. The Fed went too far based on academic theory into QE2+. Fed is an organization captured by its owners, the Banks, not the US people.

  • JD

    Jonathan D.

    15 2 2016 17:11

    1       0

    The extents to which the FED got closer to the banks...

    Translation: Increasing merger between corporation and state...

    Clarification: Mussilini called it Fascism

  • S

    Simon .

    14 2 2016 19:53

    1       0

    "these are heroic people...."
    Well intentioned comment, and perhaps he believes it, but heroic people risk something, their wealth, their health, their lives. What did those at the Fed risk?

  • sp

    shashwat p.

    14 2 2016 07:48

    2       0

    the road to hell is also paved with good intentions....

  • LA

    Linda A.

    14 2 2016 02:46

    2       0

    I applaud u. Fed= worse than insanity: doing the same thing over & over with decreasing results. Once again another crisis with banks in trouble. Purpose of the gov' is to serve the people.

  • DF

    Dominic F.

    14 2 2016 00:42

    2       0

    Great interview Grant and Andrew. The Fed is being used and abused. There are too many complicated financial instruments that just get 'invented' to circumvent laws and barriers.

  • fc

    frank c.

    13 2 2016 18:22

    1       0

    its clear that they are cluless

  • ca

    cyavash a.

    13 2 2016 14:07

    2       0

    Had me at "the U.S. government is so dysfunctional..."

  • MS

    Mark S.

    13 2 2016 03:21

    5       0

    Holy Cow, hearing this from someone on the outside is one thing. Hearing from someone on the inside....it sounds horrific.

  • CB

    CHRISTOPHER B.

    12 2 2016 22:05

    1       0

    Striking how, while expounding on the compounding failures of intervention, the possibility of less intervention never even comes up.

  • DP

    David P.

    12 2 2016 13:49

    1       0

    One of the best interviews so far. Thanks!

  • AE

    Alex E.

    12 2 2016 09:47

    3       0

    Excellent Interview. The FOMC doesn't know what it's doing. Going negative interest rates will just kill the banks cuz they can't make money when people don't make deposits. We'll see QE4 and worse!

  • CC

    Chris C.

    12 2 2016 02:45

    1       0

    This and other interviews on RV make it so clear how responsible the Fed for this mess that I recall a movie clip I think sums it up pretty well..... https://youtu.be/ZDBCiZKZi_g

  • DL

    Derek L.

    11 2 2016 23:58

    2       0

    Great interview that highlights the self-serving relationship between the Fed and Wall Street . We should also feel sorry for the erstwhile and hardworking Fed?

  • DS

    David S.

    11 2 2016 21:06

    1       0

    Can the Fed charge zero or negative interest rates on bank reserves in exess of required bank deposits to encourage lending?

  • BL

    Bruce L.

    11 2 2016 15:49

    1       0

    "The rest of the government (not Fed) is dysfunctional"....Bingo

  • PM

    Pippa M.

    11 2 2016 15:48

    40       0

    Everybody should absorb his implicit message: the Fed and policymakers everywhere will act forcefully even when it has no idea what it is doing. This is an incredibly valuable interview!

  • CD

    Charles D.

    11 2 2016 03:06

    4       0

    RV subscribers know things are a mess..that's why we've subscribed...to get to the truth..but connecting the dots from these interviews tells me not only WHY...but also HOW we got here...mind numbing.

  • RM

    Robert M.

    10 2 2016 20:55

    2       0

    So the big firms were able to front run the FED?

  • RM

    Robert M.

    10 2 2016 20:44

    8       0

    Still no bankers went to jail unlike Iceland and still no regulation with Fannie and Freddie

  • SS

    Sam S.

    10 2 2016 20:37

    8       0

    Interested in the mechanics of how the money is created to buy the bonds. Thin Air?

  • db

    don b.

    10 2 2016 19:07

    3       0

    http://www.24hgold.com/english/news-gold-silver-how-to-stop-the-depression.aspx?article=1819036178G10020&redirect=false&contributor=Antal+E.+Fekete

  • db

    don b.

    10 2 2016 18:56

    5       0

    Heroic people at the Fed? I think I might of used a different word. Collusive maybe.

  • EL

    Elizabeth L.

    10 2 2016 18:50

    3       0

    Would like to suggest a second interview with Andrew where he shares his thoughts on the interface of government and financial markets. Grant, excellent questions.

  • EL

    Elizabeth L.

    10 2 2016 18:48

    4       0

    Andrew tells what it was like executing the Fed QE decisions as he ran the NY Fed trading desk. His experiences are generously shared. and most revealing of how things work.

  • SL

    Steven L.

    10 2 2016 18:37

    9       0

    Really useful to get a behind-the-scenes look at the NY Fed during a crisis. I'd appreciate a future interview discussing NIRP possibilities and how that might play out.

  • BM

    B. M.

    10 2 2016 18:10

    12       0

    good unbiased comments. so much common sense

  • GT

    Graham T.

    10 2 2016 16:19

    7       0

    I sympathise. Easy to be critical with hindsight. We say "Why"? but he was only asked "How"?

  • CC

    Christopher C.

    10 2 2016 16:08

    8       0

    Reminds me of the picture of a snake eating its own tail. The snake must eat to survive and consumes itself in the process. It is the Kobayashi Maru with no James Tiberius Kirk in sight.