They did not have the capacity to deal with a global insurance company whose failure would have devastated the financial system.
Editor's note · Context
Bernanke explains the limitations of the New York State Insurance Commissioner.
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Let me just say that we are quite aware of these portfolios, and we are addressing them in at least two ways.
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I think it is consistent with our mandate and with our current policy to maintain price stability, and that is what we have been achieving.
GSE-type organizations are not essential to successful mortgage financing. Indeed, many other industrial countries without GSEs have achieved homeownership rates comparable to that of the United States. One device that has been widely used…





