The current state of the U.S. economy and the Fed's response (with reference to irrational exuberance and Virgil's Aeneid)

Abstract

"Despite the efforts of the Fed, the hope that comes with a new presidency, and what will hopefully be responsible and carefully calibrated fiscal initiatives for the Congress, I believe we have an epic challenge ahead of us. We are navigating the mother of all financial storms. We will certainly come out of it with a lesser number of ships than we entered it with, for we cannot and should not 'relieve the rashness of distress that financiers' and other imprudent decisionmakers 'have brought upon themselves.'" ; Remarks before the Texas Cattle Feeders Association, Grapevine, Texas, November 4, 2008.Economic conditions - United States ; Financial crises ; Federal Reserve System

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This paper was published in Research Papers in Economics.

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