Supplemental: Pipes and Pipemakers

The New Lombard Street: How the Fed Became the Dealer of Last Resort, Perry Mehrling, 2011.

These are the only charts in The New Lombard Street. All three concern the 2008 crisis and not the older history I wrote about. However, they illustrate well how the ideas that Mehrling traced from the nineteenth century — the lender (and dealer) of last resort, the significance of market liquidity, the emergence of new securities in response to regulatory regimes — came to manifest in 2008.