“We need always be aware that the next crisis–and there will be one–
will not be identical to the last one and that we need to be vigilant
in both trying to foresee it and seeking to prevent it,” Federal Reserve
Board Vice Chairman Stanley Fischer said last week in a speech to the
National Bureau of Economic Research in Cambridge, Massachusetts. It
was music to my ears to see that Fischer recommended a major new leg of
Fed policy to concentrate on the financial stability and health of the
financial markets. For too long the central bank has focused solely on
maximizing employment and minimizing inflation..''
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