Inside the 2008 Financial Crisis & The Lessons Learned
By Mike Silva (former NY Fed)
Mr. Silva served as the Chief of Staff for Tim Geitner at the NY Fed and stayed on at the NY Fed under new President Bill Dudley when Tim Geitner moved on to become Secretary of the Treasury.
In this position, Mr. Silva had a front row seat during the most recent financial crisis in 2008-2009. Most of us suspected the entire financial system was closer to implosion that we realized at that time and Mr. Silva confirms that to be true in this article. He goes on to explain how and why certain actions were taken to prevent total systemic collapse. In the conclusion to his article he states very clearly that he believes we will have another major financial crisis “sooner rather than later”. Given his insider position, this is clearly an article we all need to read and understand. Below are a few excerpts and then a few added comments.
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