Fed - Central bank to the world

Gretchen Morgenson in the New York Times puts together the pieces to show how the Federal Reserve loaned hundreds of billions of dollars to European banks in the run up to the financial crisis. It is interesting how European banks turned to the Fed and not the ECB in this point of crisis.

When will the Fed Raise Rates?

Mark Thoma has a good post (with lots of good graphs) on the topic and discusses the continuing weakness in the U.S. economy.