by Bill Bergman
Before, during, and after the 2007–09 financial crisis, the masthead of the Federal Reserve Board’s main webpage included the following assertion right below its name at the top of the page:
The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible and stable monetary and financial system.
This statement is still there today. Can we all breathe easier now? Maybe not, if we endured one of the worst financial crises ever while the Fed was championing itself as a source of stability.