But I can tell you what it was like at the center of the most recent  1  Federal Reserve Act, ch. 6, 38 Stat. 251 (1913). 2  Kevin Warsh (2009), The Panic of 2008, speech delivered at the Council of Institutional Investors 2009 Spring Meeting, Washington, April 6. 2  BIS central bankers’ speeches  crisis.
Funding was drying up for one institution after another and for one market after another. Our efforts to provide liquidity were criticized by some as bailouts for the banks. I can understand how it could seem that way, but I also know that every action the Fed took was directed at improving the economy rather than the well-being of the banks.