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Ant
Penny Hoarding Member
USA
894 Posts |
 Posted - 07/26/2009 : 17:39:41
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From the article:
Much of the congressional antipathy toward the Fed is based on a belief that it did not anticipate the financial crisis. But Fed officials and Fed watchers reject that argument, noting that the institutions that failed or nearly failed — American International Group, Bear Stearns, Lehman Bros., Merrill Lynch or Countrywide — were not supervised by the Fed.
"In a very real sense it wasn't anybody's job in supervisory authority to catch this crisis — because it wasn't anyone's job to be looking at the big picture," said John Deary, a former official with the Federal Reserve Bank of New York. (emphasis mine)
One of the most powerful people in finance and he cops out with "It's not my job." 
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Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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The Fed just wants everything
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