Timothy A. Canova

Timothy A. Canova is a professor of law and public finance at the Nova Southeastern University Shepard Broad Law Center in Fort Lauderdale, Florida.

Recent Articles

Not Another Wall Street Puppet

AP Photo
In his first post-election press conference, President Barack Obama said voters had awarded him only one mandate: to help middle class families and those striving to reach the middle class. In line with fulfilling this charge, the administration’s top priority would be creating manufacturing jobs and rebuilding the nation’s schools and infrastructure. An early bellwether of the president’s commitment to this will be his selection of a replacement for Timothy Geithner, who is expected to step down as Treasury secretary early next year. The nomination presents an opportunity for a White House course correction, finally putting Main Street ahead of Wall Street. With Geithner’s appointment four years ago, Obama chose someone acceptable to the banking sector. Geithner had previously served as head of the New York Federal Reserve, where he patched together major bailouts of some of the nation’s largest financial institutions, such as the AIG bailout and the...

The Federal Reserve We Need

It's the Fed we once had -- when a more democratically accountable bank was enlisted to patriotically finance America's war debt.

Throughout the past year, Federal Reserve Chair Ben Bernanke has led the choir in warning about the size of the federal deficit. In July, he endorsed extending George W. Bush's tax cuts for the wealthiest households, while suggesting the need for spending cuts to offset the revenue loss. Bernanke's repeated alarms have heightened fears that public deficits could "crowd out" private borrowing, force up long-term interest rates, and choke off the anemic recovery. Bernanke's view may well be the consensus of both Washington and Wall Street. But it is also the polar opposite of the fiscal advice offered by one of Bernanke's most effective predecessors, Marriner Eccles, the Fed chair in the 1930s and 1940s. Eccles called for larger deficits and increases in government-spending programs to pull the country out of the Great Depression. He then went on to enlist the Fed to finance the huge World War II debt at low interest rates, so that the postwar recovery could flourish. Eccles was proved...