Ex-Fed Governor Says Crisis More Complex Than 1930s
I really don't have an opinion of this at the moment, but found it interesting:
SAN FRANCISCO (Market+atch) -- The financial shock that hit the U.S. this autumn was bigger than a similar shock during the Great Depression, former Federal Reserve governor Frederic Mishkin said Sunday. The recent shock "is much more complicated" and the clean up will be difficult to do, Mishkin said. The Fed is in "experimental mode," he said during a presentation to the American Economics Association. Mishkin said he was a strong supporter of the Fed's recent move of cutting interest rates to range to zero and pledging to use unconventional monetary policy. "The Fed doesn't want to be a deer in the headlights," he said.
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