At Fed in 2009, Rolling Dice in a Crisis

With the economy now on a sound footing and the stock market near a record high, the decisions made by the Fed to shore up credit markets in the aftermath of the 2008 crisis look even better.

But the transcripts also reveal for the first time what critics within the Fed were saying about some of the trillion-dollar programs. And even though the critics’ worst fears did not come to pass, their concerns are worth exploring.