Every quarter, 20 leading bank CEOs meet with the Chairman of the Federal Reserve to exchange opinions about macroeconomic indicators & business cycle forecasting. In March, 2007, almost all reported to Chairman Bernanke that loan demand was declining more steeply than any of their organizations had ever experienced; also, workout and rollover requests were at an all-time high. The Federal Reserve ignored these leading indicators of a serious downturn in the business cycle, and instead, waited until August 2007 to begin loosening monetary policy and easing credit conditions. The worst recession since the Great Depression occurred from December, 2007 through June, 2009.Please discuss your perspective and share any relevant research on how organizational form & institutional arrangements played an extensive role in eliciting behavior that led to the financial firms experiencing this issue.
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