| ID | 124653 |
| Title Proper | Never saw it coming |
| Other Title Information | why the financial crisis took economist by surprise |
| Language | ENG |
| Author | Greenspan, Alan |
| Publication | 2013. |
| Summary / Abstract (Note) | It was a call I never expected to receive. I had just returned home from playing indoor tennis on the chilly, windy Sunday afternoon of March 16, 2008. A senior official of the U.S. Federal Reserve Board of Governors was on the phone to discuss the board's recent invocation, for the first time in decades, of the obscure but explosive Section 13(3) of the Federal Reserve Act. Broadly interpreted, that section empowered the Federal Reserve to lend nearly unlimited cash to virtually anybody: in this case, the Fed planned to loan nearly $29 billion to J.P. Morgan to facilitate the bank's acquisition of the investment firm Bear Stearns, which was on the edge of bankruptcy, having run through nearly $20 billion of cash in the previous week |
| `In' analytical Note | Foreign Affairs Vol.92, No.6; 2013: p.88-96 |
| Journal Source | Foreign Affairs Vol.92, No.6; 2013: p.88-96 |
| Key Words | Financial Crisis ; Economic Condition ; World Economics ; US Federal Reserve Board ; Keynes Theory ; Irrational Factor ; Economic Crisis ; Jessel Paradox ; Economic Growth |