• YPFS: If someone else held your position in a future crisis, what are a couple lessons that you learned through this crisis or things you wish you had at the time that others should be aware of?
• Baxter: I believe in the classic Bagehot dictum, that in a financial crisis you should lend freely, and it should be at a penalty rate and against good collateral.
  • I also think that you need the right people in central banks to take the lead.
  • You need people who understand markets and you need people who understand crises.
  • You need a blend of doers and thinkers, and in the last crisis, we were fortunate enough to
    have both of those skills.

2018 1120 - Lessons Learned Oral History Project Interview: Thomas Baxter - 19p