WASHINGTON — It is March 2009. The American economy is rapidly collapsing. The previous month, payroll jobs had dropped by a staggering 650,000. The grim outlook stokes gallows humor. Federal Reserve chairman Ben Bernanke receives a call from a top Fed official. “Do you want some good news?” the official asks. “Please,” Bernanke responds. “Call […]
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Posted inOp-Eds, sj-web
Where will ‘Jay’ Powell lead the Fed?
WASHIINGTON — It will be Powell’s Fed. Assuming he’s confirmed by the Senate, Jerome (“Jay”) Powell will become the 16th chairman of the Federal Reserve Board in early 2018. Almost by definition, he instantly becomes the most important economic policy-maker in the world. But who is he? Outside economic circles, hardly anyone knows. So let’s […]
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Posted inOp-Eds, sj-web
Consolidation is the future of health care
WASHINGTON — The big news in health care last week was the disclosure that CVS Health Corp. — owner of a vast network of drug stores — is considering buying Aetna Inc., one of the nation’s largest health insurers, for roughly $66 billion. It’s undeniably important, but why? Clearly, economic concentration in health care is […]
Posted inOp-Eds, sj-web
Bernanke worried about U.S. economy
WASHINGTON — Ben Bernanke is worried — and perhaps we should be, too. As chairman of the Federal Reserve from 2006 to 2014, it was Bernanke who, along with others, prevented the worst recession since World War II from becoming the Great Depression 2.0. Now he fears that, should another sharp recession occur, the Fed […]
Posted inObituaries, sj-web
Galen D. Ouellette
1949 – 2017 FORT KENT — Galen D. Ouellette, 67, died peacefully Friday, Jan. 20, following a long courageous battle with cancer at Fort Kent Health Care facility. He was born in St. Francis on May 11, 1949, the son of Adelord and Julienne (Jandreau) Ouellette. He was a member of the Genealogy Society, was […]
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Fed rate increase will have little impact
WASHINGTON — Barring an unforeseen calamity, the Federal Reserve will raise short-term interest rates this week. Among Fed watchers, this is known as “liftoff.” The analogy is misleading. Short-term rates have been stuck near zero since late 2008, but they aren’t about to rocket upward. The anticipated increase is a tiny 0.25 percentage points. That’s […]