I have been reading some of the Fed transcripts from the financial crisis. The best I can conclude is that the Fed did not understand nor could they agree on what to do during that critical period in 2008. Having said that, I think the same could be said for others as well.
Gillie I think that is a fair assessment, but we did expect the govt to know what to do, where regular people did not have this responsibility. I think it is a fair assessment that allowing primary reserve to break the buck, without govt back stop for mm funds in place was an issue.