The pervasiveness of the panic required that the Federal Reserve act swiftly, responsibly, and effectively. If we had been unable or unwilling to do so, I believe that today the economic and financial situation would be much worse. 1 Our actions have hardly come without scrutiny or criticism, of course.
The economic educators of the Federal Reserve System have recently launched an interactive web site offering students, educators and the general public an introduction to the workings of the Fed and the nation's banking system. The goal is to offer consumers a clearer picture of how, for example, the Federal Reserve's decisions influence the economy and consequently impact their monetary choices.