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Some historical evidence that might have an impact on future central bank policies:
Voxeu.org: Credit booms go wrong, by Moritz Schularick and Alan Taylor, Dec. 8, 2009
"However, on the real economic side, a striking result is that the economic impact of financial crises is no more muted in the postwar era than in the prewar era. It seems that postwar policy activism was “successful” in preventing financial deleveraging but not in reducing the output costs. A cynic might conclude that central banks were successful in bailing out finance but failed to protect the real economy."
Source: Excerpt from article linked to above