In December 2008, Ben S. Bernanke, the self-effacing chairman of the Federal Reserve, declared war against a cascading recession and took charge as general.
Breaking with protocol as the Federal Open Market Committee (FOMC) convened on the afternoon of Dec. 15, Bernanke asked his colleagues' "indulgence" to speak first. Faced with cutting the benchmark interest rate to zero to fight a worsening crisis policy makers were late to recognize, Bernanke said the FOMC was about to embark on new approaches that contained "deep and difficult issues."
"We are at a historic juncture, both for the U.S. economy and for the Federal Reserve," said Bernanke, who left the Fed this year when his term expired Jan. 31. "The financial and economic crisis is severe despite extraordinary efforts not only by the Federal Reserve but also by other policymakers here and around the world."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
