peterson and joan ganz cooney fund. (overlapping news reports) >> right now, breaking news here, stocks all around the world are tanking. >> jacoby: if you want to understand how today's financial world has grown so far removed from the real world-- and the role of the federal reserve-- you need to go back to 2008, when investors, speculators, and wall street bankers nearly brought down the global economy. >> get on the train! otherwise it is gonna leave the station without you. >> wall street shaken to its very foundation today. ♪ ♪ >> we will need to stabilize, repair, and reform our banking system and get credit flowing again to families and businesses. >> jacoby: the new president and congress spent hundreds of billions of dollars to restart the economy, but at the center of the rescue effort was the federal reserve. richard fisher was the head of the fed's bank in dallas at the time. >> what the federal reserve does is provide the blood supply for the body of our capitalist economy. and what happened in 2008 is all