> In a 2009 bear's defense it was unprecedented Government intervention
The novel part was the purchase of government-sponsored enterprise (GSE) mortgage-backed securities (MBS), and GSE debt securities. The Fed's balance-sheet expansion, interest-rate regime and their effects on the market have precedent [1].
The novel part was the purchase of government-sponsored enterprise (GSE) mortgage-backed securities (MBS), and GSE debt securities. The Fed's balance-sheet expansion, interest-rate regime and their effects on the market have precedent [1].
[1] http://www.hoover.org/sites/default/files/14110_-_bordo_-_ex...