The Defensiveness of the Federal Reserve

When Lehman's got into trouble and they let it go, I was not at all surprised. You knew that because they'd been so defensive in the meeting. Right. Mervin King as governor of the Bank of England talking about the evils of moral hazard. And he was actually trying to get out ahead of all this. He saw that there was a possibility of financial institutions collapsing and he wanted to lecture the policymakers in the United Kingdom. Even if people's lives were ruined as a consequence, people had to learn even if learning the hard way about the risks that are involved in the economic system that we have. There's gobsmacking. The things I learned about the poor