Nice charts. Clearly GDP was in decline after 3/2007. And in August, 2007, the commercial paper market, key to funding subprime, was sharply hindered. All that was left to seal the fate of the Great Recession was the closing up of access to wealth in houses, as #HELOC's went away in mid 2008. So, the Fed had lots of time between March, 2007, and the destruction of HELOC's to do something and didn't do anything.
Two Times Was Convincing; Five, Maybe Six Times Cannot Be Coincidence
Nice charts. Clearly GDP was in decline after 3/2007. And in August, 2007, the commercial paper market, key to funding subprime, was sharply hindered. All that was left to seal the fate of the Great Recession was the closing up of access to wealth in houses, as #HELOC's went away in mid 2008. So, the Fed had lots of time between March, 2007, and the destruction of HELOC's to do something and didn't do anything.