The Federal Reserve has taken extraordinary emergency measures in response to the current financial turmoil. Paul Volcker, former Fed chairman and one of the most respected figures on the economy, discusses the collapse of Bear Stearns and the role the central bank has played.
March 19, 2008
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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