Under what circumstances might a private lender of last resort, such as the New York Clearing House in the years before the founding of the Fed, be effective? Under what circumstances would a private lender of last resort be ineffective?

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The Answer of Under what circumstances might a private lender of last resort, such as the New York Clearing House in the years before the founding of the Fed, be effective? Under what circumstances would a private lender of last resort be ineffective?

Under What Circumstances Might a Private Lender of Last Resort