He also offers a detailed rebuttal to critics who argue the government could and should have done more to rescue Lehman Brothers from bankruptcy in the worst weekend of a tumultuous time. "We were very, very determined not to let it collapse," he says. "But we were out of bullets at that point."
Still, he does acknowledge some missteps by the Fed. Analysts were slow to realize just how serious the economic downturn would become, and he faults himself for not doing more to explain to Americans why it was in their interests to rescue the financial firms that had helped cause it.