How the Fed Responded to Past Recessions, Economic Shocks

The transcript discusses the history and management of financial crises, focusing on the Federal Reserve's role. It highlights the 1907 financial system failure, lessons on inflation, and the Fed's crisis management in 1987 and 2008. The transcript also covers pre-crisis perceptions of financial institutions, a series of economic shocks, and the Fed's inflation forecast mistake, emphasizing the impact of institutional groupthink.

What series of events does the speaker mention as shocks to the financial system?

What does the speaker suggest would happen if the Fed is no longer independent?