The majority of people actually blamed the reckless trading activities of the Wall Street mega-banks for being the primary cause of the Global Financial Crisis, and not some kind of absence of ‘direct central bank intervention’.
This has to be one of the greatest examples of Orwellian double-speak that has ever stepped foot into the world of finance.
DARREN WILLIAMS Director—Global Economic Research
Throughout history, central banks have performed three main roles: providing low and stable inflation (price stability); safeguarding financial stability; and helping governments pay their bills (monetization). The importance of these different roles varies over time, and they often conflict. In the 30 years prior to the global financial crisis (GFC), for example, most central banks focused exclusively on price stability. But that approach led to the biggest financial crisis since the Great Depression, so central banks added financial stability to the mix (nominally, at least).
…If you showed that statement to some of the authors at Wall Street on Parade — or even any legitimate market professional for that matter — they’d probably laugh in your face and think that you were making some kind of sick joke !
At the time, the majority of people in the country were completely disgusted by the banker bailouts, and there was massive protests that erupted all over the country that lasted for quite literally multiple years!