Walker F. Todd is a Temporary Full-Time Lecturer in Finance at Middle Tennessee State University, Murfreesboro, TN. He is a past recipient of a grant from the Institute for New Economic Thinking. For twenty years, he was an attorney and legal officer of the Federal Reserve Bank of New York and a legal and research officer of the Federal Reserve Bank of Cleveland. Advising these Reserve Banks’ discount window operations was one of his principal responsibilities. He has numerous publications on emergency lending.