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2015-11-29 16:24:00 I'd like to speak to ●●●●●●e about a ●●●●●●ge ●●●●●●al ●●●●●●ophy of ●●●●●●g The Fed's focus on ●●●●●●ion as the only ●●●●●●aint on ●●●●●●ating ●●●●●● in the mid-2000s ●●●●●●d ●●●●●●nces to ●●●●●●p in ●●●●●●g that set the stage for the ●●●●●●. The ●●●●●● was ●●●●●●ied by ●●●●●●ity in the ●●●●●●ial ●●●●●● that grew up ●●●●●●e the Fed's ●●●●●●isory ●●●●●●w. Safety and ●●●●●●ess did not get the ●●●●●●ion they ●●●●●●ed in the ●●●●●●tion of non-bank ●●●●●●-●●●●●●s like Bear S●●●●●● and Lehman B●●●●●●s, a ●●●●●●iary of ●●●●●●nce giant AIG, the ●●●●●●cial paper ●●●●●● and money ●●●●●● ●●●●●● funds. And ●●●●●●y, the Fed acted ●●●●●●●●●●●● to ●●●●●●all what could have been a much ●●●●●● ●●●●●● with more than $1 ●●●●●●on in ●●●●●●-of-last-●●●●●● ●●●●●●ance. |