BEN BERNANKE
THE COURAGE TO ACT
That time 10 years ago when everyone BUT the president criticized the Fed.
An easy to read summary of how creative central banking saved the financial system, which almost sank because of dumb decisions by stupid, greedy bankers.
And great real life examples of how to implement Walter Bagehot’s dictum for dealing with financial crises: "[T]o avert panic, central banks should lend early and freely (i.e. without limit), to solvent firms, against good collateral, and at 'high rates.' "
Not one banker went to jail. Was it, as NPR’s Kai Ryssdal implies, because the Obama administration was so overwhelmingly supported by Wall Street?
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