The Fed’s Exit Strategy Predicted

September 29, 2009

By Henry DeVries

Economist William Poole

Economist William Poole, outspoken former chief executive of the Federal Reserve Bank of St. Louis, will speak on “The Fed’s Exit Strategy” at 7:30 am Thursday, October 22 at the University of California San Diego Faculty Club. The $50.00 per person cost to attend the Economics Roundtable includes continental breakfast and parking.

Poole is the 11th chief executive of the Federal Reserve Bank of St. Louis.  He took office in March, 1998 and stepped down in March of 2008.  Poole has criticized the underwriting standards and interest-rate assessments of Wall Street and endorsed the Fed’s steps to strengthen consumer safeguards. 

“The punishment has been meted out to those who have done misdeeds and made bad judgments,” Poole told reporters after his speech on the market for mortgages to borrowers with sketchy or weak credit histories.  “We are getting good evidence that the companies and hedge funds that are being hit are the ones who deserve it.”

Poole began his career at the Board of Governors of the Federal Reserve System in 1964 and worked as a senior economist there from 1969 to 1974. In 1974, he joined the faculty of Brown University, twice served as chairman of the economics department, and for five years directed the university's Center for the Study of Financial Markets and Institutions. He was the Herbert H. Goldberger Professor of Economics there when he joined the Federal Reserve Bank of St. Louis.

For additional information and registration visit:  www.economics.ucsd.edu/roundtable

email: emunk@ucsd.edu or call: (858) 822-0510

Media Contact: Henry DeVries, 858-534-9955 or hdevries@ucsd.edu