On Saturday, the Kansas City Federal Reserve posted a speech given by its president Thomas Hoenig on August 6th to the Kanas Bankers Association. Minyan Peter characterizes it as, "one of the most candid assessments of the banking system and the Federal Reserve that I have read in a long time." The link takes you directly to the .pdf file. At 14 pages, including numerous charts, it's a f
"History is full of examples in which the policy responses to financial crises have been slow and inadequate, often resulting ultimately in greater economic damage and increased fiscal costs. In this episode, by contrast, policymakers in the United States and around the globe responded with speed and force to arrest a rapidly deteriorating and dangerous situation."