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Canada Goose Outlet a Candid Look at Lehman Brothers’ Collapse Canada Goose Outlet

Canada Goose sale It is astonishing to hear a buy canada goose jacket former Federal Reserve chairman acknowledge canada goose uk black friday that he may canada goose factory sale have misled the public as part uk canada goose outlet of an agreement with another senior canada goose uk outlet government official about one of the most crucial moments in recent financial history canadian goose jacket and that he now questions whether he should have “been more forthcoming.” But that is what Ben S. Bernanke says in his new memoir, “The Courage to Act: A Memoir of a Crisis and Its Aftermath.” Canada Goose sale

buy canada goose jacket That crucial moment? The bankruptcy of Lehman Brothers. Mr. Bernanke, in perhaps the most candid explanation of Lehman’s 2008 collapse, writes that he and Henry M. Paulson, then Canada Goose Jackets the treasury secretary, purposely obfuscated when asked about Lehman’s demise early on, allowing a narrative to develop that the government had purposely let the firm canada goose fail. buy canada goose jacket

Canada Goose Parka “In congressional testimony immediately after Lehman’s collapse, Paulson and I were deliberately quite vague when cheap Canada Goose discussing whether we could have saved Lehman,” Mr. Bernanke writes. “But we had agreed in advance to be vague because we were intensely concerned that acknowledging our inability to save Lehman would hurt market confidence and increase pressure on other vulnerable firms.” Canada Goose Parka

canada goose deals “Paulson’s declaration that no government money would be used to save Lehman, Canada Goose sale both before and during the weekend, also understandably fueled the belief that we chose to let Lehman fail,” Mr. Bernanke writes, recalling the crucial weekend in mid September 2008 when it became apparent that no one would rescue Lehman. Canada Goose online “Hank had various reasons for saying what Canada Goose Parka he said, including his personal canada goose clearance and political discomfort with the face of unpopular bailouts of too canada goose coats on sale big canada goose black friday sale to fail institutions.” canada goose deals

canada goose clearance But crucially, Mr. Bernanke writes: “Hank’s statements were to some extent beside the point, in that the Fed loans were the only government canada goose store funds available. It cheap canada goose uk would have been the Federal Reserve’s decision not Hank’s or the Treasury’s whether to make a loan, canada goose coats had a loan of Canada Goose Outlet sufficient size to save the firm been judged feasible.” canada goose clearance

Canada Goose Jackets Mr. Paulson has long maintained that his statements were tactical, aimed at trying to pressure the other banks to put up their own money to save Lehman. “We didn’t want them to arrive thinking that we would be there waving a government checkbook,” Mr. Paulson said in his own memoir, “On the Brink: uk canada goose Inside the Race to Stop the Collapse of the Global Financial System,” published in 2010. Canada Goose Jackets

canadian goose jacket Mr. Bernanke writes in his own book about the events surrounding Lehman’s failure that he was worried that Goldman Sachs and Morgan Stanley could have been canada goose uk shop next in line and that if the public thought the Federal Reserve couldn’t save those firms it would have only hastened the crisis. canadian goose jacket

canada goose clearance sale “Our caginess about the reasons for Lehman’s failure created confusion about the criteria for any future rescues. Would it have been better for market confidence to have admitted that we were unable to save Lehman? Or was it better to maintain ambiguity, as we did, which suggested we still had the capacity to carry out future interventions? I don’t know.” canada goose clearance sale

canada goose coats on sale Of course, there will always be those who believe that the decision was a political one. “I buy canada goose jacket cheap understand why some have concluded that Lehman’s failure was a choice,” Mr. Bernanke writes. “In a way, it is a backhanded compliment: We had shown such resourcefulness to that point, it is hard to imagine that we could not have come up with some solution to Lehman.” canada goose coats on sale

cheap Canada Goose He writes that it was simply impossible to save Lehman, pointing to the nearly $200 billion of losses that Lehman’s creditors have since suffered. No one has come forward on the canada goose clearance sale record, nor has any contemporaneous document been produced in the past seven Canada Goose Online years that said the government had found a way to save the company and specifically chose not to do so for political reasons, Canada Goose Coats On Sale a point Mr. Bernanke alludes to in his book. “I do not want thenotion that Lehman’s failure could have been avoided, and that its failure was consequently a policy choice, to become the received wisdom, for the simple reason that it is not true,” he writes. “We did everything we could think of to avoid it.” cheap Canada Goose.

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