Firefighting — Bernanke, Geithner and Paulson reflect on the financial crisis
Top policymakers look back on lessons learnt and mistakes made during 2008 meltdown.
Martin Sandbu FT 9 July 2019
Stanley Fischer said there was “no legal basis” for what the Fed did on multiple fronts after the collapse of Lehman Brothers.
The Dodd-Frank Act passed by Congress - when anti-banker sentiment was at its peak - prevents the Fed from acting freely as a lender of last resort...
The authorities may not rescue individual companies, or lend to non-banks, or offer blanket guarantees of bank debt and money market funds.
The lightning-fast action and $1.5 trillion of emergency loans that restored control in 2008 is no longer possible.
Ambrose 18 June 2019
Stanley Fischer said there was “no legal basis” for what the Fed did on multiple fronts after the collapse of Lehman Brothers.
The Dodd-Frank Act passed by Congress - when anti-banker sentiment was at its peak - prevents the Fed from acting freely as a lender of last resort...
The authorities may not rescue individual companies, or lend to non-banks, or offer blanket guarantees of bank debt and money market funds.
The lightning-fast action and $1.5 trillion of emergency loans that restored control in 2008 is no longer possible.
Ambrose 18 June 2019
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