““It will be at least 50 years before we really understand very well what happened in 2008-2009, and we will be interpreting for another 50 years as to whether the Federal Reserve undertook the right policies or the wrong policies,” Plosser said today during an audience discussion at a Fed conference in Jekyll Island, Georgia.
Citing continuing debate about the Great Depression seven decades later, Plosser said that “humility is in order” for policy makers on their ability to make decisions and later understand whether they got it right.” Read more.
“Fed’s Plosser Says Understanding Crisis May Take 50 Years”
Bloomberg, November 5, 2010.
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