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From a broader money view perspective, however, September 2008 was the moment when the Fed moved from lender of last resort to dealer of last resort, in effect taking the collapsing wholesale money market onto its own balance sheet. But in the heat of the moment, no one noticed.

— Perry G. Mehrling
Perry G. Mehrling Quote: “From a broader money view perspective, however, September 2008 was the moment when the Fed moved from lender of last resort to dealer of last resort, in effect taking the collapsing wholesale money market onto its own balance sheet. But in the heat of the moment, no one noticed.”
Perry G. Mehrling Quote: “From a broader money view perspective, however, September 2008 was the moment when the Fed moved from lender of last resort to dealer of last resort, in effect taking the collapsing wholesale money market onto its own balance sheet. But in the heat of the moment, no one noticed.”
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