Hugh Hendry defends the Fed's handling of the 2008 financial crisis

I cannot foresee a crisis.  But the cathartic event was saying, "you know, these central bankers - we came so close to staring down the barrel of this awful deflationary crisis."  They don't get enough credit.  We came close to an environment where the American economy could've endured the horrors of that we've seen, the travails of the Greek economy.  And only to courageous intellectual decisions, I think we've been spared that.  People say, "but at what cost?"  I would say, "I don't care about the cost."  There's no cost greater than preventing what could've been an immense human tragedy in the aftermath of 2008.

~ Hugh Hendry, "Hugh Hendry on Fund Closing, Bonds, Fed Policy," interview on Bloomberg TV, 3:22 mark, September 15, 2017