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Federal Reserve Transcripts Open Window on 2007 Housing Crisis

By Patrick (153/153 = 100% civil)   2013 Jan 18, 11:22am   ↑ like   ↓ dislike   545 views   2 comments   watch (0)   share   quote  

http://www.nytimes.com/2013/01/19/business/economy/fed-transcripts-open-a-window-on-2007-crisis.html

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   Bubbabeefcake   2013 Jan 19, 12:02am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2013 Jan 19, 9:52am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Of course. They are just managing expectations.

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