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A Failure to Communicate

Was the Fed’s role as lender of last resort in 2008 purposefully downplayed? Or simply forgotten?

Posted in 2016 elections, History of economics, US politics Tagged with: , , , , ,

 Why were the Bush and incoming Obama administrations so ill-prepared to explain themselves in 2008? It’s one thing to say that no one saw the panic coming. It’s another, after the whirlwind had come and gone, for political leaders and regulators to have so poorly explained what they had done to save the day.