Taylor on Bernanke: Monetary Rules Work Better Than 'Constrained Discretion' + MORE May 3rd

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Taylor on Bernanke: Monetary Rules Work Better Than 'Constrained Discretion'We have had a serious financial crisis, a very deep recession, a not-so-great recovery, and now a virtually strategy-free international monetary system. This is not a good record.

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OMAHA, Neb. – Berkshire Hathaway shareholders always celebrate Warren Buffett at the annual meeting, but amid the praise Saturday, investors also questioned a couple of the conglomerate’s recent business moves.
Buffett marked 50 years of leading Berkshire Saturday by spending hours answering questions alongside Vice Chairman Charlie Munger before an overflow crowd of more than 40,000 people from around the globe.
The sentiment at the meeting was overwhelmingly positive, and Buffett was again surrounded by a mob of admirers as he toured the product booths in the morning. But the two men faced pointed questions about Berkshire’s association with the cost-cutting 3G Capital investment firm and about the lending practices at the company’s manufactured home unit.
Berkshire teamed up with the Brazilian investors at 3G two years ago to buy ketchup maker Heinz in a $23 billion deal that was followed by thousands of job cuts. Now Berkshire and 3G are buying branded food giant Kraft Foods…

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