Both of these are good:
1. William Dudley, CEO of the New York branch of the Fed, reflecting on what the Fed got right, and wrong, since the crisis of 2008. Calculated Risk did a good job highlighting key passages here. Dudley is thoughtful, and the whole thing is worthwhile. Dudley delivered this talk at the Japan Society (appropriately enough) yesterday.
2. Speaking of bubbles and their consequences, Washington Irving wrote an amazingly accurate description of bubbles almost two centuries ago, in 1820. Forget the Financial Times; this passage from Irving's The Crayon Papers may be the timeliest thing I have read this year. Just read pages 41-43. A friend just sent it. New to me, but I see that it gets quoted on the web from time to time.
