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Federal Reserve Transcripts Open Window on 2007 Housing Crisis

By Patrick   2013 Jan 18, 11:22am   560 views   2 comments   watch (0)   quote

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    

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    

Of course. They are just managing expectations.

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