.... halted the worst downturn since the Great Depression and rescued the financial sector with a plan that drew on private, rather than public, funds to recapitalize ailing banks. Despite the best efforts of an intractable Congress, [] kept the government from shutting down or defaulting on its debt, which bought the economy time to heal.
But [] and [] advisers also failed to recognize the shape and scope of the crisis and hesitated to push for new jobs programs once they did (FIG. 1). Even with overwhelming assistance from the Federal Reserve, growth remains tepid and unemployment, though falling, remains high at 8.3 percent.
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