Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law. The lawyers in the firm are also counsel to the international law firm, Squire Patton Boggs.

ISSUE: #65, November 2015

The Longbrake Letter
- Bill Longbrake
As we enter the holiday season, the U.S. economy continues its slow forward march, with the exception of manufacturing which is struggling curtesy of a strong dollar. Much of the damage inflicted by the Great Recession has been repaired. The Federal Reserve is poised to take the first step to raise short-term interest rates after seven years of zero rates. Although the outlook is sanguine, most no longer expect robust growth. When the consensus coalesces around benign trends, it is especially important to listen to opposing viewpoints. The question we should ask is: what is different today that could result in unpleasant surprises? This month's letter explores how the cumulative impacts of monetary policy might lead the U.S. into recession. Bill Longbrake also voices his skepticism about significant acceleration in wage rate growth.

New Rules of the Road are Becoming Fixed
- Bob Barnett
Since it does not appear that there will be major legislative changes in financial services laws this year, the changes that have occurred during the past few years will become fixed and will be with us for a substantial number of years.

To Marketplace, To Marketplace
- Katie Wechsler
In July, the Treasury Department requested public input on marketplace lending. Treasury received about 100 comment letters in response. Commenters represent a broad array of interested parties including marketplace platforms, marketplace lenders, investors in marketplace lending, traditional banks, consumer advocacy groups, and research organizations. This article summarizes the key policy and regulatory issues raised in those comment letters.