Systemic Threats, Supervisory Shortfalls
Moody's Talks - Inside Economics
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The Fed's Proclamation of a Systemic Event
The FDIC, the Fed and the US Treasury proclaimed this a systemic event. They said that they are going to guarantee the deposits of failed institutions. The government also cajoled and organized 11 big banks to come in and provide $30 billion of deposits for first republic. "I lived through tar from the two and a half page proposal," he says.
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