Did the Fed Go Far Enough?

More comments at the NY Times Room for Debate on today's announcement that monetary authorities are taking steps to increase the availability of dollar loans to foreign banks in the hopes of avoiding a Lehman-like crisis. The question we were asked is:

Should the Fed be more aggressive in dealing with Europe’s financial crisis? What are the risks of its involvement?

Here are our responses:

• Mark Thoma: Reducing Risk for the U.S.
• Dean Baker: It Needs to Do More
• Arnold Kling: What About the 99 Percent?
• Edward Harrison: Risky Business for All

[Additional comments here.]