when financial systems teetered near collapse in 2008 in 2009 we responded as 19th century walter bagehot advised by serving as a last resort to financial markets. we did so in institutional garment that was very different and in many ways much more complex than the ones that walter bagehot row. for example the recent crisis as occurred in classic panics but in 2008 the run occurred in various forms of short-term uninsured wholesale funding such as commercial paper and repurchase agreements. moreover although commercial banks suffered large losses and some came under significant pressure the crisis hit particularly hard those non-bank institutiinstituti on most dependent on wholesale funding such as investment banks and securitization vehicles. thus the fed led to not only commercial to banks but non-bank institutions and key financial institutions in the markets like the commercial paper market. to minimize the risk of drains in u.s. u.s. funding got a marked with the corny with foreign central banks to create a network of currency swap lines beyond the provision of liquidity the fed wor