The Fed's role in responding to (and preventing) a financial crisis

FRB:Speech, Kohn--The known, the unknown, and the unknowable--January 6, 2005

Fed Governor Donald Kohn gave an interesting speech today on how the Fed reacts to crises. Some of the high points:

In crises, good information is a valuable (and rare) asset

"As I am sure we will hear time and again today, knowledge--reliable information--is essential to managing risks. In a financial crisis,