The Fed's actions were genuinely helpful only during the middle of the panic (supporting the commercial paper market and money market mutual funds in coordination with other central banks); the pre-panic discretionary interventions likely caused the panic and the post-panic MBS purchases create future problems, so on balance Fed policy has been harmful.

causalpending

Speaker

John Taylor

Evidence Quote

so unbalanced I think it's been very harmful

Source

John Taylor on the State of the Economy 07/19/2010EconTalk
Created: 6/15/2026, 9:17:28 AM

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