Question: The Fed used broad powers to act as a lender of last resort during the 20072009 financial crises. If there had not been a lender

The Fed used broad powers to act as a lender of last resort during the 2007–2009 financial crises. If there had not been a lender of last resort, what would the effect have been on banks and other financial firms? What would the effect have been on the U.S. economy?

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