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"I take a slightly different view of the Fed. Yes, they had to take the actions then took. My difference is that they could have singlehandedly prevented most of the meltdown. Unfortunately they were grossly incompetent IMO before the crash."

I do not disagree with any of that.

"Let me assure you that the Fed has NOT learned what they did wrong and how to prevent it in the future. (Lot of details I will not go into.)"

Or that either.
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