Lacker vs. Bernanke: Too Big to Go Away

The Bank Spot

The Federal Reserve Board waits five years to release the minutes of its official deliberations, and I imagine that ardent Fed watchers and monetary policy wonks have been waiting eagerly for the 2008 vintage transcripts, which cover a period of time when the financial crisis was coming to a full boil and the bank’s policymakers – including former Fed Chairman Ben Bernanke – were scrambling to keep things under control.

Last week the Fed released 1,865 pages of transcripts that included eight formal and six emergency policy meetings in 2008. The bank made a lot of controversial decisions that year. It arranged a marriage between the investment bank Bear Stearns and JPMorgan Chase & Co. when the former was judged to be close to failure, then stood by and did nothing while an even larger investment bank – Lehman Brothers – slid into bankruptcy, leading to a near meltdown in…

View original post 1,010 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s