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<p>[QUOTE="GoldFinger1969, post: 3837444, member: 73489"]Oops, my dog needed to go out and I didn't finish the sentence (and too late to edit):<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /></p><p><br /></p><p>"But the fact that the 1907 Panic could have been prevented by a Federal Reserve-type central bank (doubtful the 1893 and 1873 Panics would have been; too steep declines in GDP growth) <i>is what led to the creation of the Fed in 1914. And the primacy of the NY Fed in the structure of the Fed and the conduct of monetary policy is also a direct result of the 1907 Panic."</i>[/QUOTE]</p><p><br /></p>
[QUOTE="GoldFinger1969, post: 3837444, member: 73489"]Oops, my dog needed to go out and I didn't finish the sentence (and too late to edit)::D "But the fact that the 1907 Panic could have been prevented by a Federal Reserve-type central bank (doubtful the 1893 and 1873 Panics would have been; too steep declines in GDP growth) [I]is what led to the creation of the Fed in 1914. And the primacy of the NY Fed in the structure of the Fed and the conduct of monetary policy is also a direct result of the 1907 Panic."[/I][/QUOTE]
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