On the recordMarch 2, 2009
The Fed is the central bank, supposed to be the lender of last resort. Now it has become the lender of first resort, it seems to me.
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congress.govRichard Shelby: “The Fed is the central bank, supposed to be the lender of last resort. Now it has become the lender of first resort, it…”
Editor's note · Context
Shelby critiques the Federal Reserve's role in the banking crisis, suggesting it has shifted its purpose.
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