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The national business and financial conversation is now focused on lessons learned—and not learned—from the financial crisis of a decade ago, a crisis that Federal Reserve Bank of Minneapolis President Neel Kashkari has called “a massive heart attack” for the nation’s economy.
The Minneapolis Fed has been a leader in proposing policies to protect taxpayers and minimize the risk of a repeat of the financial crisis. As far back as 2004, it’s been out front in combatting the notion that some financial institutions are “too big to fail.” Most recently, in December, 2017, the Minneapolis Fed issued its report: “The Minneapolis Plan to End Too Big to Fail.”
Ten years ago, Kashkari was an Assistant Secretary of the Treasury and was leading the $700 billion Troubled Asset Relief Program, or TARP, which allowed the U.S. government to purchase illiquid and otherwise difficult-to-value assets from banks and other financial institutions. Because of Kashkari’s unique role, his reflections and insights on the Great Recession have been widely reported. Here are some of the reports.
