The Fed's Failure to Raise Interest Rates

Arsenal's young squad, they bottled it, as they say in Britain. I think the pressure was just more psychologically than these really talented athletes could handle. John Cochran: This whole architecture of financial regulation has now been proven bust. First Republic, look, guys, this is simple. They couldn't see plain vanilla interest rate risk. In fact, the Fed was asking banks, what are you going to do when interest rates go down on the eve of the Fed raising interest rates? This is a colossal institutional failure, smart people, but just a rulebook that nobody could do. If I'm Treasury Secretary, I'm going to say first day, we pay interest and principle on the