November 21, 2013
St. Louis Fed President James Bullard offered some perspectives on the macroeconomic situation in 2008 during an event in Rogers, Ark. Bullard noted that the features he discussed—e.g., the start date of the financial crisis, lower interest rates, the oil price shock, real-time data and large financial firms—have to be addressed in any comprehensive accounting of what happened.
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"Rationally, let it be said in a whisper, experience is certainly worth more than theory."