Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
Macro Musings with David Beckworth
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The History of the Fed
Gina dos Santos' new book is a great entry point into the history of the Fed and where it is today. It provides great history, like you said, that the wider audience learns this. The bank term funding program facility was intended to provide temporary support to banks did so by taking Treasury collateral at face value. That change for some folks was another crossing of the Rubicon, at least in regards to the Fed's collateral policy. So that prophetic quote I just read from your book did not take long to come true.
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