Federal Reserve acted prudently in 2008
Long Island business leaders plan a rally Wednesday to support Gov. Andrew M. Cuomo's proposal to reform pensions. Credit: iStock
$1.5 trillion -- That's the figure at which Federal Reserve bailout lending peaked in 2008 -- contrary to recent suggestions that it secretly loaned $7.77 trillion. That largely theoretical number, developed by the Bloomberg News service and trumpeted by Jon Stewart on "The Daily Show," has little to do with reality. Not only was Fed lending far less, but it was repaid, turned a little profit -- and rescued the global financial system. The Fed did many things wrong leading up the crisis, but when the crunch came, it got this one mostly right.
