Federal Reserve Transcripts Open Window on 2007 Housing Crisis

By Patrick   Follow   Fri, 18 Jan 2013, 7:22pm   319 views   2 comments
In Menlo Park CA 94025   Watch (0)   Share   Quote   Permalink   Like   Dislike  


WASHINGTON — When Federal Reserve policy makers convened in August 2007, one of the nation’s largest subprime mortgage lenders had just filed for bankruptcy, and another was struggling to find the money it needed to survive.
Officials decided not to cut interest rates. The Fed did not even mention housing in a statement announcing its decision. The economy was growing, and a transcript of the meeting that the Fed published on Friday shows officials were deeply skeptical that problems rooted in housing foreclosures could cause a broader crisis.

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  1. Bubbabear

    Befriend (9)
    824 threads

    1   8:02am Sat 19 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    What is the point in releasing this? For us to think they are stupid and blind? This way we don't think they are evil and twisted...

  2. inflection point

    4 threads
    Fremont, CA

    2   5:52pm Sat 19 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Of course. They are just managing expectations.

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