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This journal captures some of the unprecedented challenges that the GFC created for the Federal Reserve. The journal covers about a year, starting in early 2008 before the Bear Stearns bail-out, and ending in early 2009, after the considerable fall-out from the Lehman Brothers collapse. During this time, I served in several roles at the New York Fed, hence the “inside view”. I hope you will enjoy reading this first-person, real-time narrative of the emerging GFC from inside the Federal Reserve Bank of New York.

The views in this document are my own and do not necessarily reflect those of the Federal Reserve Bank of New York, the Board of Governors or the Federal Reserve System. While all observations are believed to be accurate, the author assumes no responsibility for any factual errors.