Yes, there were grave failures of macroeconomic analysis, failures of surveillance, failures of organization, and failures of imagination at the Federal Reserve from 2003-2008. But once–*after* they had let Lehman Brothers go into its uncontrolled bankruptcy–those worrying about inflation and moral hazard on the FOMC got quiet and Ben Bernanke got out the financial crisis … Continue reading Fighting the Last Macro War?: Friday Focus: February 28, 2014