Hoisted from the 2007 Archives: Wow! I had no clue in mid-2007 what was about to come down. I had no idea of how the money-center universal banks had exposed themselves to housing derivatives, how strongly the right-wing noise machine would lobby against the Federal Reserve’s undertaking its proper lender-of-last-resort job, or how hesitant and … Continue reading Hoisted from the 2007 Archives: Clueless Brad DeLong Was Clueless: Central Banking and the Great Moderation