Bernard Charles Ecclestone born 28 October is a British business magnate. As such, he was commonly described in journalism as ‘F1 Supremo’. Ecclestone entered two Grand Prix races as a driver, during the season, but failed to qualify for either of them. Later he became manager of drivers Stuart Lewis-Evans and Jochen Rindt , both whom died during racing events. In , he bought the Brabham team, which he ran for fifteen years. His control of the sport, which grew from his pioneering the sale of television rights in the late s, was chiefly financial, but under the terms of the Concorde Agreement he and his companies also managed the administration, setup and logistics of each Formula One Grand Prix, making him one of the richest men in the United Kingdom. On 23 January , it was announced that Ecclestone had been replaced by Chase Carey as chief executive of the Formula One Group, though he has been appointed as chairman emeritus and will act as an adviser to the board.
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In their first testimony before Congress since leaving the Federal Reserve, former chairs Ben Bernanke and Janet Yellen appeared before the… read more. In a joint statement, the former chairs called on Congress to take action to encourage the economic recovery from the coronavirus pandemic. Their recommendations included following public health guidelines to curb the spread of the coronavirus, extending unemployment benefits such as food stamps and unemployment insurance, and providing financial support to state and local governments.
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The Nasdaq jumped another 3. Amazon gained 4. Apple surged 8. Microsoft rose 2. Google rose 4. The Nasdaq now trades with a price-to-earnings ratio of This era will be analyzed and debated for decades to come — if not much longer. Market Bubbles, over-indebtedness, inequality, financial instability and economic maladjustment – festering for years – can no longer be disregarded as cyclical phenomena.
That the Fed never repeats its failure to aggressively expand the money supply in time of crisis is a key facet of the Bernanke doctrine — policy failing he asserts was a primary contributor to Depression-era financial and economic collapse. Isabel Cairo and Jae Sim identify a decline in competition, with large firms controlling more of their markets, as a common cause in a series of important shifts over the last four decades.
To blame the Fed and global central banks for all that ails the world while a valid starting point represents a too simplified view of complex dynamics. Indeed, analysis with technological and globalization trends at its focal point could offer a plausible explanation of many macro developments – to the exclusion of policymaking and finance. As the above Fed research asserts, it is increasingly tempting to deflect blame for inequality on monopoly power.
In so doing, we are inspired by Kalecki , who… predicted that the market power of the firms would increase over time and consequently, labor share would fall in the long-run.