Federal Reserve Governor Frederic Mishkin'​s recent speach on "Financial Instability and the Federal Reserve as a Liquidity Provider". The talk took place Oct. 26 at the Museum of American Finance'​s Commemoration of the Panic of 1907 in New York. It mentions the Fed'​s role in a prior CP crisis, the "​1970 bankruptcy of the Penn Central Corporation, an important issuer of commercial paper". He says on recent problems, "some asset-​backed commercial paper could not be rolled over; yields in the Treasury bill market fluctuated considerably; and spreads in interbank funding markets rose to unusually high levels. To prevent these problems from turning into a severe credit crunch ... the Federal Reserve used several tools to inject liquidity into the system.".

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