3 ms·

This seems like some pedestrian financial agreements. What is the TLDR on why it is called 'Doomsday'?

deleted 2y ago
[deleted]
toomuchtodo 2y ago
> The so-called Doomsday Book, an internal document used to guide the Federal Reserve’s actions during emergencies, has long been the subject of intrigue and suspicion. Largely a compilation of legal opinions, the book has been a key resource for the Federal Reserve Bank of New York for decades, allowing it to play a unique and oversize role during financial crises. No other regional Federal Reserve bank has such a resource. > The book is a living document that records pivotal decisions made during times of financial distress. It played a crucial role in then New York Fed President Timothy Geithner’s decision to rescue Bear Stearns from bankruptcy in 2008. Economic system failure runbook. https://www.wsj.com/articles/sun-shines-on-new-york-fed-doomsday-book-foia-central-banking-financial-crisis-13d41d51 https://www.wsj.com/articles/sun-shines-on-new-york-fed-doom... | https://archive.today/YbgG7 https://archive.today/YbgG7 https://www.crisesnotes.com/the-new-york-federal-reserves-doomsday-book-has-been-partially-revealed/ https://www.crisesnotes.com/the-new-york-federal-reserves-do...
tekla 2y ago
Its explained on the first page italicized The “Doomsday Book” is a compendium of legal opinions, in some cases stretching back decades, that explore the legal limits of the Federal Reserve in the event of a financial crisis.
- FrustratedMonky 2y ago
  Every company has a disaster recovery plan. Seems like calling it 'Doomsday', is the question. It seems rather dramatic naming for a bank.
  - tekla 2y ago
    I think the imminent collapse of the US economy is aptly named "Doomsday" to the Federal Reserve. I mean, you bring up a disaster recovery plan for companies, but is it REALLY a "disaster"?
    - themadturk 2y ago
      For the company and its employees, the answer may well be "yes."

deleted 2y ago

[deleted]

> The so-called Doomsday Book, an internal document used to guide the Federal Reserve’s actions during emergencies, has long been the subject of intrigue and suspicion. Largely a compilation of legal opinions, the book has been a key resource for the Federal Reserve Bank of New York for decades, allowing it to play a unique and oversize role during financial crises. No other regional Federal Reserve bank has such a resource. > The book is a living document that records pivotal decisions made during times of financial distress. It played a crucial role in then New York Fed President Timothy Geithner’s decision to rescue Bear Stearns from bankruptcy in 2008. Economic system failure runbook. https://www.wsj.com/articles/sun-shines-on-new-york-fed-doomsday-book-foia-central-banking-financial-crisis-13d41d51 https://www.wsj.com/articles/sun-shines-on-new-york-fed-doom... | https://archive.today/YbgG7 https://archive.today/YbgG7 https://www.crisesnotes.com/the-new-york-federal-reserves-doomsday-book-has-been-partially-revealed/ https://www.crisesnotes.com/the-new-york-federal-reserves-do...

tekla 2y ago

Its explained on the first page italicized The “Doomsday Book” is a compendium of legal opinions, in some cases stretching back decades, that explore the legal limits of the Federal Reserve in the event of a financial crisis.

FrustratedMonky 2y ago
Every company has a disaster recovery plan. Seems like calling it 'Doomsday', is the question. It seems rather dramatic naming for a bank.
- tekla 2y ago
  I think the imminent collapse of the US economy is aptly named "Doomsday" to the Federal Reserve. I mean, you bring up a disaster recovery plan for companies, but is it REALLY a "disaster"?
  - themadturk 2y ago
    For the company and its employees, the answer may well be "yes."