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Janet Yellen’s Learning Curve
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When Janet Yellen testified before a congressional commission almost a decade ago about the 2007-2009 global financial crisis, an interlocutor noted that she seemed to have seen trouble brewing in banks and mortgage markets before most others. In truth, she said, she hadn’t put the pieces together fast enough to stop the ensuing disaster.
“I’m sorry,” said Ms. Yellen, then the Federal Reserve vice chair. “I wish I had, but I didn’t.”
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