I spent eight years at Bank of America in New York (1978-86) covering Wall Street, then moved to Moody's Investors Service where I worked for 22 years, covering banks, sovereigns and corporates.

I chaired the Credit Policy Committee for four years. I retired in 2007 as vice ... more

I spent eight years at Bank of America in New York (1978-86) covering Wall Street, then moved to Moody's Investors Service where I worked for 22 years, covering banks, sovereigns and corporates.

I chaired the Credit Policy Committee for four years. I retired in 2007 as vice chairman. My philosophy: I am a libertarian, a market monetarist, an admirer of Fisher, Friedman and Minsky. I believe in a strong safety net and strict regulation of the financial system. I support most of Dodd-Frank. I think that the world's #1 problem today is inadequate inflation and nominal growth. I believe that the Fed should have two mandates: financial stability, and a nominal output target.

I follow Scott Sumner and the other market monetarists. I respect Krugman as a brilliant economist who happens to be a leftist.