2 Lessons learned from the crisis But first, let’s return to the autumn of 2008. In the past few weeks, reports on the events of that time have mostly centred on the demise of the investment bank Lehman Brothers. That was a game-changing moment – there’s no question about that.
Next, with the benefit and burden of recent U.S. experience, I will offer some changes for the next edition of policymakers’ Crisis Response Guide. Finally, even amid greater uncertainty about economic prospects, I will seek to further the discussion about a path for policy. Economic and Financial Market Developments Recent economic data support a moderate recovery in economic activity.