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The View From Israel.(International Edition; THE LAST WORD)(Stanley Fischer )(Interview)
Byline: Kevin Peraino
Stanley Fischer may be thousands of miles from the epicenter of Wall Street's meltdown, but few people are better positioned to understand it. The 65-year-old former MIT economics professor supervised Ben Bernanke's doctoral thesis on the Great Depression. Later, Fischer worked as a senior IMF official during the Asian financial crisis. Three years ago he moved to Israel after finance minister Benjamin Netanyahu persuaded him to leave his job at Citigroup and take over as the Jewish state's central banker. He spoke with NEWSWEEK's Kevin Peraino at his office in Jerusalem. Excerpts:
NEWSWEEK: What were the key lessons from Bernanke's research on the Great Depression?
FISCHER: Ben has drawn two conclusions, which I think are right. The definitive [interpretation] when he was a student was that of Milton Friedman and Anna Schwartz, which was that the Fed didn't let the supply of money decline drastically [during the Great Depression]. Ben's thesis is: yes, but what really happened was that the credit mechanism collapsed. And it's clear from everything he's said that this emphasis on the credit system is still central to his thinking. And it happens to be correct. The second conclusion is that you've got to [ease the credit crunch] quickly. I'm sure nobody would say this in public, but if you make a few mistakes along the way, well, fine-- keep going, fast.
Was it a mistake to let Lehman Brothers fail?
I think that'll be a big central question in the histories of this period.
What have been some of the other missteps so far?
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Source: HighBeam Research, The View From Israel.(International Edition; THE LAST WORD)(Stanley...