2009 08 18 Frbny Report On Systemic Risk and
2009 08 18 Frbny Report On Systemic Risk and
2009 08 18 Frbny Report On Systemic Risk and
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FRBNY-FCIC-General0080230
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FRBNY-FCIC-General0080231
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lines to "connect the dots" when financial innovations occur and new risks appear. It requires people
willing to challenge the prevailing orthodoxy, even the Fed's own orthodoxy.
The problem of action is yet more difficult. We find that during the run-up to the recent crisis