One of America’s most prominent dismal scientists, former Federal Reserve chairman Ben Bernanke,
returns with “21st Century Monetary Policy: The Federal Reserve From the Great Inflation to Covid-19.”
The message: What we at the Fed have done in recent decades has worked, and our only problem is figuring out how to do more of it.
According to him, it deftly managed the 2007-08 panic with a suite of emergency policies that staved off another 1930s-style depression. It then rolled out a range of new tools to adapt to an economy that had evolved beyond what the old theories could explain.
Observers have noted, for instance, a shift in Mr. Bernanke’s interpretation of the legal limits on the Fed’s activities during the global financial crisis. He no longer insists that the law would have prohibited a bailout of Lehman Brothers, but instead suggests that it was a bad idea on the policy merits.
Joseph C. Sternberg Bloomberg 22 July 2022
Lehman Brothers at IntCom
https://internetional.se/lehman911.htm
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