Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.
that a bit in this context: We all are familiar with the Asian financial crisis of the late ’90s
crisis, if you talk to funding-desk guys, they’re very aware at the tactical level about what
broader group for the purposes of managing this crisis and that we will probably revisit this again
escalating and lengthening crisis really justifies this, and I see the TSLF action really as a measured and
extraordinary study effort during the sovereign debt crisis and came up with some very important
constrained throughout this entire crisis, as you know, by the existing facilities for dealing with
doing things we haven’t done before. On the other hand, this financial crisis is now in its eighth
financial crisis would be difficult to exaggerate, I think. Argentina is as we have described it in
us to look beyond the immediate crisis, which I recognize is serious. But as pointed out here, we
option 3, I just don’t think, at least with our system and in periods of crisis, that the top of the
crisis and all of the other related issues and, I presume, from the building of slack and rising
return long term for providing this hopefully short-term solution to the liquidity crisis—that is the point I am trying to make.
analysis to step up to it before it becomes a crisis. I don’t know if we’re doing lessons learned for ourselves in that regard.
recession and credit crisis is unacceptably high, and it is being clearly priced now into not only
financial crisis. This is going to require substantial further policy action, and we are better off
time of crisis. I would want it spread out among a larger number of institutions than just five
September 11, and your steady hand during that crisis was invaluable. Unfortunately, against all good
perhaps there’s a concern on the part of some international money managers that, if we get into a crisis
to Governor Ferguson and say, “Do we have enough contingency arrangements?” If his crisis
financial institution failures, corporate failures, a sovereign debt crisis, and market disarray
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