Fed managing the inflation it helped to set off and the recession that may follow as it tries to stabilise prices

 Shadow banking — in the form of everything from repos and eurodollars to commercial paper and money market funds — grew, and the Fed continued to support all these shadow entities. 

 Paul Volcker had to take away the “punch bowl”

Rana Foroohar FT 16 May 2022

Let the Fed put money where it is really needed | Financial Times (ft.com)

The decade between the 2008 financial crisis and this one saw the creation of a vast asset price bubble in just about everything. 

That bubble is now bursting

Rana Foroohar FT 19 April 2020

Rana Foroohar is Global Business Columnist and an Associate Editor at the Financial Times

https://englundmacro.blogspot.com/2020/04/since-1980s-us-has-incentivised-debt.html

Volcker: “If I had known what was going to happen, I never would have done it.”

https://englundmacro.blogspot.com/2022/05/volcker-if-i-had-known-what-was-going.html