Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.
extraordinary study effort during the sovereign debt crisis and came up with some very important mechanisms
have been very constrained throughout this entire crisis, as you know, by the existing facilities for dealing
bank line of credit; and like through this last crisis, if you talk to funding-desk guys, they’re very
broader group for the purposes of managing this crisis and that we will probably revisit this again, depending
context: We all are familiar with the Asian financial crisis of the late ’90s,
and I was wondering what
The probability of an international financial crisis would be difficult to exaggerate, I think. Argentina
supportive. I think the escalating and lengthening crisis really justifies this, and I see the TSLF action
done before. On the other hand, this financial crisis is now in its eighth month, and the economic outlook
also encourage us to look beyond the immediate crisis, which I recognize is serious. But as pointed out
think the risk of a severe recession and credit crisis is unacceptably high, and it is being clearly priced
international money managers that, if we get into a crisis, the United States might freeze some accounts.
we have enough contingency arrangements?” If his crisis management group wants to take the CACF off the
failures, corporate failures, a sovereign debt crisis, and market disarray; and in other markets, such
if we can contain the broad parameters of this crisis so that it doesn’t spread much further, then we
would likely reduce the spread during a time of crisis. I would want it spread out among a larger number
think, at least with our system and in periods of crisis, that the top of the band would hold, so I don’t
adverse growth outcome and a more damaging financial crisis. This is going to require substantial further policy
downside price pressures come from our housing crisis and all of the other related issues and, I presume
hopefully short-term solution to the liquidity crisis—that is the point I am trying to make.
risk analysis to step up to it before it becomes a crisis. I don’t know if we’re doing lessons learned for
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