Michael Bordo: Fed failed as lender of last resort
Michael Bordo, a professor of economics at Rutgers University, examines the failures of the Federal Reserve to act as a lender of last resort in a paper released on Friday.
In a paper to honour the 100th anniversary of the meeting that resulted in a blueprint for the Federal Reserve, Bordo says that although that the Fed was established to overcome the absence of an effective lender of last resort, the Federal Reserve Act failed to meet the expectation of its founders and did not live up to the
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