Weighing up risk and rescue
“Decisions about the balance between [providing] liquidity and moral hazard is a judgment we are making almost daily.”
Why no one is to blame
“It is moral hazard that has led us to where we are. I don’t want to blame anyone. All the players have acted rationally given the positions they were in.”
They were a little slow to act, but have done so convincingly since then. Buiter was almost complementary in his blog, shock horror!