The current deep financial doldrum, like all recessions, is started when business people and consumers get pessimistic and stop spending or buying.
The twelve regional Fed banks all have regulatory duties. But within them there are often disputes as to what exactly is to be done.
Many supervisors and regulators within the system have different functions, with varying answers, from their observations. Always, a human element governs what they feel must be accomplished.
Errors inevitably turn up with individual decisions and action that would not happen when free markets determine outcome.. This fact has been established from years of experience.
Remember what I have said in the past about how better predictability futures markets anticipate events, as opposed to that of a small group of experts. ( See the Earl J. Weinreb NewsHole® comments.)
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