Senate Passes Sen. Marshall Measure to Uphold High Standards for American Citizenship

(Washington, D.C.) – Today, the U.S Senate passed a bipartisan measure authored by U.S. Senator Roger Marshall, M.D. to nullify the Biden Administration’s public charge rule that lowers the Department of Homeland Security’s (DHS) citizenship standards for legal immigrants. This rule reduces the types of taxpayer-funded federal benefits – such as food stamps, housing vouchers, … Read more

Financial problems are endogenous

​Many pundits view financial crises as exogenous shocks that impact the business cycle.  I’ve argued that most financial crises are actually endogenous, caused by the business cycle.  There is very little evidence that financial crises have much effect on output, except when bank failures lead to currency hoarding that a central bank cannot fully accommodate