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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
“When possessed by a problem”
― Fischer Black and the Revolutionary Idea of Finance
― Fischer Black and the Revolutionary Idea of Finance
“The larger study found that no two institutions did it the same way”
― Fischer Black and the Revolutionary Idea of Finance
― Fischer Black and the Revolutionary Idea of Finance
“not for the old wisdom to return”
― 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
“As long as the music is playing”
― 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
“Investment banks were the source of market liquidity”
― 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
“Meanwhile”
― Fischer Black and the Revolutionary Idea of Finance
― Fischer Black and the Revolutionary Idea of Finance
“Under the provisions of Peels Act of 1844”
― 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
“At the heart of Lucas’ criticism lies the conviction”
― Fischer Black and the Revolutionary Idea of Finance
― Fischer Black and the Revolutionary Idea of Finance
“The problem was that”
― 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
“A third colleague”
― Fischer Black and the Revolutionary Idea of Finance
― Fischer Black and the Revolutionary Idea of Finance
“one lesson of the history I relate is that when academics and practitioners agree”
― 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
