Jan 22, 2018

01/22/2018: A Fed governor looks back on the financial crisis

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(Markets Edition) The GOP may have succeeded in passing a bill to overhaul America's tax system, but there are still obstacles in the way. Namely the government shutdown that happened on Friday. We'll look at how the shutdown will affect…

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Sinking markets, emergency meetings: A Fed governor recalls 2008

Jan 22, 2018
For Randall Kroszner, 2008 was all about doing the exact opposite of what the Fed did in the 1930s.
Randall Kroszner of the Federal Reserve System Board of Governors (R) testifies before the House Financial Services Committee along with Federal Deposit Insurance Corporation Chairman Sheila Bair on Capitol Hill Dec. 6, 2007 in Washington, D.C. The committee held the hearing about accelerating loan modifications, improving foreclosure prevention and enhancing enforcement in an effort to stem damage from the subprime mortgage crisis.
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(Markets Edition) The GOP may have succeeded in passing a bill to overhaul America’s tax system, but there are still obstacles in the way. Namely the government shutdown that happened on Friday. We’ll look at how the shutdown will affect the IRS and its ability to implement the new tax law. Afterwards, we’ll talk to Randall Kroszner, a University of Chicago professor who served as a governor of the Federal Reserve from 2006 to 2009, about what the atmosphere was like during the financial crisis. Our interview is part of our new series Divided Decade, where we’ll look at how the financial crisis and its aftermath changed America.

The team

Stephen Ryan Producer, BBC