Federal Reserve Transcripts Open Window on 2007 Housing Crisis

By Patrick   Follow   Fri, 18 Jan 2013, 11:22am PST   440 views   2 comments   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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Bubbabeefcake   befriend (9)   ignore (4)   Sat, 19 Jan 2013, 12:02am PST   Share   Quote   Like   Dislike     Comment 1

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...

inflection point   befriend (0)   ignore (0)   Sat, 19 Jan 2013, 9:52am PST   Share   Quote   Like   Dislike     Comment 2

Of course. They are just managing expectations.

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