Both of them did what they had to do under the circumstances. I'll tell you what. I'll make you a deal. Having lived and worked through the Meltdown with my advisory clients, I've spent the last ten years studying it from every angle I can find. I still can't come up with a plausible alternative to how the Fed reacted to it. Further, I have not spoken with one (1) peer in my industry who attacks either President or the Fed for what they did, OR who offers an alternative strategy, given the circumstances at the time. Not one. But it looks like you have it all figured out. So write a paper on it, describe the situation, the alternatives, the politics, the law, the moral hazard, all of it. Let me know when it's ready, AND I WILL READ IT. I'd love to know what else could have been done, with a FULL description of possible threats, ramifications and outcomes. Please include quotations from people in the field. Looking forward to it. .