In mid-February 2009, during the global financial crisis, the news was grim. The U.S. economy was in a recession since December 2007. If the recession continued into the early spring, it would be a long post-war recession in America. The economy has shed 3.5 million jobs over the previous 12 months, the worst 12-month period on record. Bank lending has been falling, and several banks with available funds held by them. The mass transfer to liquid assets (cash and cash equivalents) and the credit of any kind (even for business purposes, or, in many cases, the working capital of the company for survival), the economy is likely to stop. At this busy mid-February day in Washington, Timothy Geithner and Ben Bernanke, the sleeves rolled up and re-evaluation of their plans to address the nearly impossible task of fixing the ship. In terms of monetary and fiscal policy, they do everything they can to stop this epic slide? They make too much? "Hide
by Francis Warnock Source: Darden School of Business 28 pages. Publication Date: November 10, 2009. Prod. #: UV3957-PDF-ENG
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