The Fed's role in the financial crisis: Jerry Tempelman column

In denial over monetary policy

Jerry Tempelman

In his testimony before the Financial Crisis Inquiry Commission in September, Federal Reserve chairman Ben Bernanke pointed to several factors he believes caused or contributed to the recent global financial crisis. Among “vulnerabilities” in the private sector, Bernanke listed maturity and currency mismatches in the shadow banking system, inadequate risk management, excessive financial leverage, and inappropriate use of derivatives. He discussed similar shortfalls among governmen