Comments by Rene M. Stulz and Luigi Zingales

摘要

This paper by Phillip Swagel is an extremely useful one. The author deserves credit for providing an explanation of what the Treasury was up to from the start of the credit crisis to the end of 2008 and why. As a result of this paper, generations of future economists will have a better understanding of the thinking behind various actions by the Treasury. No doubt this is also a very brave paper, because it would be surprising if future generations thought that 2008 was a time during which the Treasury addressed the financial market crisis with sufficient wisdom, skill, and foresight.