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前言这是个令我颇感意外的电话。2008年3月16日,一个春寒料峭的有风的星期日下午,我刚从室内网球场回家,美联储理事会的某位高级官员来电话警示说,理事会刚刚宣布在数十年来第一次动用《联邦储备法》(FederalReserve Act)中含义模糊但具有爆炸性影响的第13条第3款的授权。概况地说,第13条第3款的含义是授予美联储接近于无限制地向任何人借出现金的权力。3月16日,美联储授权纽约联邦储备银行借出290亿美元,以帮助摩根大通公司实现对贝尔斯登公司的收购。成立于1923年的贝尔斯登公司是一流投资银行中规模最小的,当时已处于破产边缘,前一周才刚刚挥霍掉近
Preface This is a rather unexpected phone call. On March 16, 2008, a chilly, windy Sunday afternoon, I just came home from the indoor tennis court and a senior Federal Reserve official called to warn that the council has just announced the first move in decades Authorization under article 13, paragraph 3, of a vague but explosive effect in the Federal Reserve Act. In a nutshell, Article 13, paragraph 3, has the meaning of granting the Federal Reserve the power to lend money to anyone without any restrictions. On March 16, the Federal Reserve authorized the New York Federal Reserve to lend $ 29 billion to help JP Morgan Chase acquire Bear Stearns. Founded in 1923, Bear Stearns, the smallest investment bank in the country, was on the verge of bankruptcy and just spent the previous week just squandering