From Breakingviews - Bernanke bank-crisis Nobel requires markets sequel
that this practice is economically essential but also risky, since customers can pull their money at any moment, making government deposit guarantees essential.
Bernanke’s background made it all the more surprising that as Fed chair he was slow to grasp the magnitude of the simmering meltdown,that losses on U.S. subprime mortgages would not spill over into the financial system in May 2007, a few months before the global crisis started. His understanding of bank failures did not prevent the Fed and other authorities from allowing Lehman Brothers to fail in 2008, triggering a panic that almost brought down the rest of Wall Street.
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