Fed也有过已吓呆的时候。那时我还在信贷部门，对这事完全没印象。对金融危机开始最早的记忆是2007年的某一天，同事Jack在每天午饭后例行到楼下晒太阳的时候问我：“FT上面说美国那边次贷的问题闹很大了，你听说了吗？”好像也就是从那之后我开始每天看FT。In January 2008, the Fed did act. On January 21, in a dramatic surprise move in between its regular scheduled meetings, the Fed cut its benchmark rate by seventy-five basis points, the biggest amount in more than twenty years. On January 30, it slashed another fifty basis points.The problem came in September, after Lehman Brothers failed, when the central bank sounded out of touch and appeared (with the benefit of 20/20 hindsight, to be sure) to be very slow to move. In September 2008, Federal Reserve officials said the word crisis 13 times but mentioned inflation 129 times. They were looking for inflation, so they didn’t see a recession.