As editor of The Economist, Walter Bagehot offered astute
commentary on the financial issues of his day and his name lives on
in an eponymous weekly column. During the upheavals of 2007-9, the
chairman of the Federal Reserve had the name of this Victorian icon
on the tip of his tongue. Banker, man of letters, inventor of the
Treasury bill and author of Lombard Street, Bagehot prescribed the
doctrines that-decades later-inspired the radical responses to the
financial crises.
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