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“From a broader money view perspective, however, September 2008 was the moment when the Fed moved from lender of last resort to dealer of last resort, in effect taking the collapsing wholesale money market onto its own balance sheet. But in the heat of the moment, no one noticed.”
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“The seductive allure of present credit and the crushing burden of future debt are two faces of the same creature.”
― The New Lombard Street: How the Fed Became the Dealer of Last Resort
― The New Lombard Street: How the Fed Became the Dealer of Last Resort
