An important question arising out of the financial crisis is whether the Community Reinvestment Act (CRA) played a significant role in the subprime mortgage boom and bust by pushing banks to make loans to risky borrowers

Introduction -- Efficient markets and central banks? -- Money, banks and central banks -- Stable and unstable markets -- Deceiving the diligent -- On (central bank) governors -- Minsky meets Mandelbrot -- Beyond the efficient market fallacy -- Concluding remarks