Scott has written the definitive work on how contagion in the financial sector spread and amplified an initial shock to housing into the global financial crisis, at great economic cost, and how it was only contained by the liquidity supplying efforts of the Federal Reserve anti other authorities. He raises serious anti legitimate questions about whether constraints on the Fed's lending authority in Dodd-Frank will leave us short of the tools necessary to stop the next financial panic, and he warns persuasively against any further limits on the Fed's ability to act as lender of last resort to banks and nonbanks alike.