Fed's Clarida says be believes a financial crisis was averted during the pandemic

Comments from Clarida

There's nothing so far on the outlook for monetary policy. Brainard has been nominated for Clarida's position, so his term at the Fed will end in January.

He's right that a crisis was likely averted during the pandemic but that's asking the wrong question. The issues is: Why did a pandemic nearly cause a financial crisis? Why is the system so fragile that it needs the Fed to perform unlimited bond buying to save it.