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Article Review up to writer based on a given source by me - Book Report/Review Example

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Article Review up to writer based on a given source by me

The Fed had raised the interest rates to control the bullish trend that was prevalent then, however, in addition to lowering the huge borrowings made for stock purchases; it also had some unintended outcomes. Capital expenses for the purchase of equipments and other infrastructure needs were hampered, which resulted in a major decline of industrial production and consequently decline in output (Lopez, 2011). The Fed fell short in averting the four colossal banking panics from assaulting the US economy. Owing to the prevalent Fed policies then, many of the banks became cash starved and were not able to obtain emergency funds from the Federal Reserve. The impact of the subsequent bank panics were disastrous resulting in price level decline and deflation. Consequently, the inflation adjusted interest rates increased and people were burdened with higher debts resulting in bankruptcies and extensive defaults. Furthermore, the rise in the real borrowing rates also made the consumers as well as businesses suffer, with further depressed the economy. It was only by the year 1933, that the Fed took up efficient policy actions such as “provision of deposit insurance” that assisted the banking system to become steady and the economic scenario enhanced considerably during the middle of 1930s (Lopez, 2011). On the other hand, during the ‘Great Recession’ of 2007-2009, the policies executed by the Fed were very unlike those that were executed during 1929-1933. It has been stated that any financial crisis can be bifurcated into three stages, first, the beginning of the financial chaos, second, the crisis in the banking system and third, the rise in deflation of debt (Mishkin & Eakins, 2012, pp 164-168). When the recession in the year 2007started the Fed took crucial measures in order to hold back the disintegration of the financial sector. The policies implemented by the Federal government consisted of lessening the federal fund rates to almost nil as well as developing programs that provided capital to banks for a short term. The offering of short term loans was very helpful as it provided interim funding to companies like American International Group. This was very crucial because the collapse of the American International Group would have further aggravated the commotion in the US financial sector. Furthermore, the Fed also assisted in the sale of Bear Stearns, a troubled bank, to JP Morgan Chase, which was a commercial bank, by means of an opening out of its balance sheet. Moreover, the Fed made attempts to control deflation by making two rounds of huge investments in treasury bonds (Lopez, 2011). The rise in deflation was one of the major reasons for the financial turmoil that took place during the ‘Great Depression”. The manner in which the Fed acted and the policies that it executed during the ‘Great Recession’ recently signifies that the Fed had learned and applied its lessons efficiently, which consequently helped in avoiding the crash of the financial markets during 2007-2009. The world is becoming increasingly unpredictable owing to the uncertain fluctuation in the economic conditions. The world witnessed overnight ...Show more

Summary

Article Review Then and Now: Fed Policy Actions during the Great Depression and Great Recession This paper would present a review of the article “Then and Now: Fed Policy Actions during the Great Depression and Great Recession” by David A Lopez. The ‘Great Recession’ that engulfed the United States and subsequently the whole world during 2007-2009 was very severe; however the magnitude of its financial impact was nowhere as devastating as that of the ‘Great Depression’ during 1929-1933…
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