William Poole (born June 19, 1937) was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23, 1998 and began serving his full term on March 1, 2001. In 2007, he served as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy discussions in Washington. Poole stepped down from the Fed on March 31, 2008.
Poole is Senior Fellow at the Cato Institute, Senior Advisor to Merk Investments and, as of fall 2008, Distinguished Scholar in Residence at the University of Delaware.[1]
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 at 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.
Throughout his career, Poole has served as a visiting scholar and an adviser at numerous institutions. From 1970 to 1990 he was a member of, and became senior adviser to, the Brookings Panel on Economic Activity. In 1980–81, he was a visiting economist at the Reserve Bank of Australia. From 1982 to 1985, Poole was a member of the Council of Economic Advisers and a member of the Academic Advisory Panels of the Federal Reserve Banks of New York and Boston. From 1985 until his appointment to the St. Louis Bank, Poole was an adjunct scholar at the Cato Institute and a member of the Shadow Open Market Committee. In 1991, Poole was Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. From 1989 to 1995, he served on the Congressional Budget Office Panel of Economic Advisors. In addition, he has been an adviser and consultant to the Federal Reserve Bank of Boston, a visiting scholar at the Federal Reserve Bank of San Francisco, and a visiting economist at the Reserve Bank of Australia.
Poole has engaged in a wide range of professional activities, including publishing numerous papers in professional journals. He has published two books, Money and the Economy: A Monetarist View,[2] in 1978, and Principles of Economics,[3] in 1991. During his 10 years at the St. Louis Fed, he gave over 150 speeches on a variety of topics.
Poole is a director of United Way of Greater St. Louis and member of the Webster University Board of Trustees. He was a member of the Chancellor's Council of the University of Missouri-St. Louis 1999–2003. He was inducted into The Johns Hopkins Society of Scholars in 2005,[4] and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.
Speaking out
In a July 10, 2008, interview with Bloomberg News discussing two government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—Poole said, "Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer."[5] The common and preferred equity shares of both GSEs declined sharply following Poole's comments, which prompted several Congressmembers, the OFHEO regulator, the Treasury Secretary, and President George W. Bush to make comments that were seen as supportive to the GSEs in order to stem fears that Fannie Mae and Freddie Mac would require a government bailout.
In a major article in April 2009 about Obama AdministrationTreasury SecretaryTimothy Geithner and his role in the national and global financial crisis, William Poole was reported to have said that the Fed, by effectively creating money out of thin air, not only runs the risk of 'massive inflation' but has also done an end-run around Congressional power to control spending. Many of the programs 'ought to be legislated and shouldn't be in the Federal Reserve at all,' he contended." The article reported that, "[a]s the Fed became the biggest vehicle for the bailout, its balance sheet more than doubled, from $900 billion in October 2007 to more than $2 trillion today."[6]
^"Geithner, as Member and Overseer, Forged Ties to Finance Club" by Jo Becker and Gretchen Morgenson, The New York Times, 4/26/09, p. A1 4/27/09. Retrieved 4/27/09.
External links
Jim Cramer comments about St. Louis Fed President on YouTube
william, poole, economist, william, poole, born, june, 1937, eleventh, chief, executive, federal, reserve, bank, louis, took, office, march, 1998, began, serving, full, term, march, 2001, 2007, served, voting, member, federal, open, market, committee, bringing. William Poole born June 19 1937 was the eleventh chief executive of the Federal Reserve Bank of St Louis He took office on March 23 1998 and began serving his full term on March 1 2001 In 2007 he served as a voting member of the Federal Open Market Committee bringing his District s perspective to policy discussions in Washington Poole stepped down from the Fed on March 31 2008 William PoolePresident of the Federal Reserve Bank of St LouisIn office March 23 1998 March 31 2008Preceded byThomas MelzerSucceeded byJames B BullardPersonal detailsBorn 1937 06 19 June 19 1937 age 86 Wilmington Delaware U S EducationSwarthmore College BA University of Chicago MBA PhD Academic careerDoctoraladvisorMerton MillerDoctoralstudentsRobert KingInformation at IDEAS RePEcPoole is Senior Fellow at the Cato Institute Senior Advisor to Merk Investments and as of fall 2008 Distinguished Scholar in Residence at the University of Delaware 1 Contents 1 Biography 2 Speaking out 3 See also 4 References 5 External linksBiography EditPoole was born on June 19 1937 in Wilmington Delaware He received an A B degree in 1959 from Swarthmore College and an M B A in 1963 and a Ph D in economics in 1966 both from the University of Chicago Swarthmore honored him with a Doctor of Laws degree in 1989 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 at 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 Throughout his career Poole has served as a visiting scholar and an adviser at numerous institutions From 1970 to 1990 he was a member of and became senior adviser to the Brookings Panel on Economic Activity In 1980 81 he was a visiting economist at the Reserve Bank of Australia From 1982 to 1985 Poole was a member of the Council of Economic Advisers and a member of the Academic Advisory Panels of the Federal Reserve Banks of New York and Boston From 1985 until his appointment to the St Louis Bank Poole was an adjunct scholar at the Cato Institute and a member of the Shadow Open Market Committee In 1991 Poole was Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam From 1989 to 1995 he served on the Congressional Budget Office Panel of Economic Advisors In addition he has been an adviser and consultant to the Federal Reserve Bank of Boston a visiting scholar at the Federal Reserve Bank of San Francisco and a visiting economist at the Reserve Bank of Australia Poole has engaged in a wide range of professional activities including publishing numerous papers in professional journals He has published two books Money and the Economy A Monetarist View 2 in 1978 and Principles of Economics 3 in 1991 During his 10 years at the St Louis Fed he gave over 150 speeches on a variety of topics Poole is a director of United Way of Greater St Louis and member of the Webster University Board of Trustees He was a member of the Chancellor s Council of the University of Missouri St Louis 1999 2003 He was inducted into The Johns Hopkins Society of Scholars in 2005 4 and presented with the Adam Smith Award by the National Association for Business Economics in 2006 In 2007 the Global Interdependence Center presented him its Frederick Heldring Award Speaking out EditIn a July 10 2008 interview with Bloomberg News discussing two government sponsored enterprises GSEs Fannie Mae and Freddie Mac Poole said Congress ought to recognize that these firms are insolvent that it is allowing these firms to continue to exist as bastions of privilege financed by the taxpayer 5 The common and preferred equity shares of both GSEs declined sharply following Poole s comments which prompted several Congressmembers the OFHEO regulator the Treasury Secretary and President George W Bush to make comments that were seen as supportive to the GSEs in order to stem fears that Fannie Mae and Freddie Mac would require a government bailout Poole was the 2009 keynote speaker at the Tulane Corporate Law Institute In a major article in April 2009 about Obama Administration Treasury Secretary Timothy Geithner and his role in the national and global financial crisis William Poole was reported to have said that the Fed by effectively creating money out of thin air not only runs the risk of massive inflation but has also done an end run around Congressional power to control spending Many of the programs ought to be legislated and shouldn t be in the Federal Reserve at all he contended The article reported that a s the Fed became the biggest vehicle for the bailout its balance sheet more than doubled from 900 billion in October 2007 to more than 2 trillion today 6 See also EditFederal takeover of Fannie Mae and Freddie Mac Global financial crisis of 2008 2009 Financial crisis of 2007 2010References Edit Federal Reserve Bank president to join UD University of Delaware Retrieved on May 30 2008 William Poole 1978 Money and the Economy A Monetarist View Addison Wesley Publishing Company ISBN 978 0 201 08364 4 J Vernon Henderson William Poole 1991 Principles of Economics D C Heath ISBN 978 0 669 14491 8 Society of Scholars Inducts New Members 34 35 The JHU Gazette 23 May 2005 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Fannie Freddie insolvent Poole tells Bloomberg Reuters News retrieved on July 12 2008 Geithner as Member and Overseer Forged Ties to Finance Club by Jo Becker and Gretchen Morgenson The New York Times 4 26 09 p A1 4 27 09 Retrieved 4 27 09 External links EditJim Cramer comments about St Louis Fed President on YouTube Cato Institute bio Appearances on C SPAN Statements and Speeches of William PooleOther officesPreceded byThomas Melzer President of the Federal Reserve Bank of St Louis1998 2008 Succeeded byJames B Bullard Retrieved from https en wikipedia org w index php title William Poole economist amp oldid 1079783072, wikipedia, wiki, book, books, library,
