Not everything went well
A few complications Not everything went well. The louis vuitton website for handbags Soviet delegation had mistakenly checked the weather for steamy Jackson, Miss. The Soviet officials "almost froze" in Jackson Hole's brisk mountain air, recalled Roger Guffey, then Kansas City Fed president, according to the bank's history. The proceedings can become contentious. At the first Jackson Hole conference, in fact, Volcker himself came under fire for his drive to shrink inflation by pushing up interest rates into double digits and allowing the U.S. economy to louis vuitton website outlet sink deep into recession. A University of Chicago economist named Raghuram Rajan ruined the mood in 2005 at what was shaping up as a fawning farewell to the outgoing Fed chairman, Alan Greenspan. Rajan warned that the financial system had absorbed dangerous risks under Greenspan's watch. Participants turned against Rajan. Former Treasury Secretary Lawrence Summers assailed him, calling his premise "misguided." Three years later, the world learned to its horror, as a meltdown of subprime mortgages started causing big banks to topple, that louis vuitton website usa Rajan had been correct after all.