New York Fed does the heavy lifting

NEW YORK: Nine years ago this June, the worst recession since the Great Depression, ended after the unprecedented collapse of home prices, America’s biggest bankruptcy, the highest unemployment rate in 25 years and a stock market that lost almost 50% of its value.

The US government was a driving force behind that recovery, especially through the Federal Reserve system. Then as now, there was one bank to rule them all: the Federal Reserve Bank of New York.