Search
 

How Quantitative Easing Came to Be

Bernanke took charge as the Fed awoke in 2008 to the need for a full-on war against "global economic and financial freefall."

By Craig Torres, Rich Miller, and Joshua Zumbrun, Bloomberg | Updated on February 24, 2014

In December 2008, Ben S. Bernanke, the self-effacing chairman of the Federal Reserve, declared war against a cascading recession and took charge as general.

Breaking with protocol as the Federal Open Market Committee (FOMC) convened on the afternoon of Dec. 15, Bernanke asked his colleagues’ “indulgence” to speak first. Faced with cutting the benchmark interest rate to zero to fight a worsening crisis policy makers were late to recognize, Bernanke said the FOMC was about to embark on new approaches that contained “deep and difficult issues.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.