Eighth Notes (President's Message)
With apologies to Goldilocks, the Fed's merger and aquisition review process is neither too short nor too long; it's just right.

"Tax Man, Heal Thyself"     by Kevin L. Kliesen
Most economists agree that the current U.S. tax system requires reforming. How to go about it, though, is open to debate.

"Learning the Lessons of History: The Federal Reserve and the Payments System"     by Adam M. Zaretsky
The Fed's too-little, too-late actions during the Great Depression failed to save the banking and payments systems from widespread panic. Since then, though, the Fed appears to have learned its lesson.

"Loan Quality in the Eighth District: Worth A Closer Look"    by Mark D. Vaughan and Dusan Stojanovic
On the surface, the recent rise in the number of past due loans appears to pose a significant threat to bankers' profits. A more thorough review, however, shows that the trend is nothing to be alarmed about.

Pieces of Eight
District taxpayers get off cheap — St. Louis Fed speaks its mind — Board of Governors goes online

District Data
Selected measures of the region's business, banking and agricultural sectors