Unlike the Great Depression of 1929–1933, which was characterized by bank runs in favor of cash, in the recent crisis, the public sought financial instruments backed by the government in an attempt to rid themselves of other assets suddenly perceived to be high risk. This time, the Federal Reserve acted in a timely way as lender of last resort, effectively controlling the financial panic.
Once the markets became calmer, some central banks of developed nations continued relaxing monetary policy in the aim of fueling the recovery of their economies. Thus, in the United States, successive quantitative easing programs have been put into place, consisting of the acquisition of financial assets, mostly Treasury bonds and mortgage-backed securities, in exchange for bank reserves.