Transcripts show Fed underestimated crisis in 2007

Jan 18, 2013 | Posted by: Mr_Bill | Full story: www.usatoday.com

The Federal Reserve on Friday released transcripts of its eight regular meetings and three emergency telephone conference calls in 2007. The meetings occurred as the country was on the brink of the worst financial crisis since the Great Depression.

The transcripts paint a picture of a central bank that was forced to switch from worrying about inflation and only gradually recognized the scope of the approaching crisis. That year, the Fed began to cut interest rates and took extraordinary steps to ease credit and shore up confidence in the banking system.

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1 - 12 of 12 Comments Last updated Jan 19, 2013
Lance Winslow

San Jose, CA

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#1
Jan 18, 2013
 

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Yup. This is how the ol' Bush administration led us into a decade of economic distress.
Halito

Winnemucca, NV

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#2
Jan 18, 2013
 
Maybe check out the Dept of the Interior?
Halito

Winnemucca, NV

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#3
Jan 18, 2013
 
Great Brinkmanship....

“Obama Shames the USA”

Since: Apr 09

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#4
Jan 18, 2013
 

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Lance Winslow wrote:
Yup. This is how the ol' Bush administration led us into a decade of economic distress.
Is that you Nagin? Democrats are so stupid they still don't realize that barney frank, Dodd, and Obama caused the mortgage crash. Benghazi was terrorists. Now all the hypocrite democrats are calling out "TERRORISTS EEEKKK TERRORISTS in Algeria, Benghazi #2. Panneta and Hillary make me sick. Nagin is a thief. Reid better get a budget or the senators go home with no pay. GOOD.
5 days till Hillary sings. If I was her, I would divorce myself from Obama and his horde of corrupt and completely stupid idiots now. I would throw him under the bus so fast about Benghazi it would make Barack's little pinhead pop right off.
There is no hope for Obama. He is a trashed as Lance Armstrong. And you, are an IDIOT.
keep hatee go

Nha Trang, Vietnam

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#5
Jan 18, 2013
 
Halito wrote:
Maybe check out the Dept of the Interior?
How?;)
keep hatee go

Nha Trang, Vietnam

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#6
Jan 18, 2013
 
Halito wrote:
Great Brinkmanship....
ship had sunk botton of the Trans@lantic!!;-000h, try to get anew boat;)
gossamer

Warren, MI

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Jan 18, 2013
 

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Ninthman wrote:
<quoted text>Is that you Nagin? Democrats are so stupid they still don't realize that barney frank, Dodd, and Obama caused the mortgage crash. Benghazi was terrorists. Now all the hypocrite democrats are calling out "TERRORISTS EEEKKK TERRORISTS in Algeria, Benghazi #2. Panneta and Hillary make me sick. Nagin is a thief. Reid better get a budget or the senators go home with no pay. GOOD.
5 days till Hillary sings. If I was her, I would divorce myself from Obama and his horde of corrupt and completely stupid idiots now. I would throw him under the bus so fast about Benghazi it would make Barack's little pinhead pop right off.
There is no hope for Obama. He is a trashed as Lance Armstrong. And you, are an IDIOT.
True. Bush warned them.

“Happiness comes through giving”

Since: Feb 08

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#8
Jan 18, 2013
 

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Ninthman wrote:
<quoted text>Is that you Nagin? Democrats are so stupid they still don't realize that barney frank, Dodd, and Obama caused the mortgage crash. Benghazi was terrorists. Now all the hypocrite democrats are calling out "TERRORISTS EEEKKK TERRORISTS in Algeria, Benghazi #2. Panneta and Hillary make me sick. Nagin is a thief. Reid better get a budget or the senators go home with no pay. GOOD.
5 days till Hillary sings. If I was her, I would divorce myself from Obama and his horde of corrupt and completely stupid idiots now. I would throw him under the bus so fast about Benghazi it would make Barack's little pinhead pop right off.
There is no hope for Obama. He is a trashed as Lance Armstrong. And you, are an IDIOT.
You calling Lance an idiot is like Sarah Palin calling Albert Einstein slow. Thanks for the chortle, Smegmapuss.

“Obama Shames the USA”

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Jan 18, 2013
 

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Lawrence Wolf wrote:
<quoted text>You calling Lance an idiot is like Sarah Palin calling Albert Einstein slow. Thanks for the chortle, Smegmapuss.
Look, Nagin. Hillary testifies in 5 days and after all the crap Obama did to her I wouldn't be surprised if she comes clean.
Keep smiling, pigbagger.

“Happiness comes through giving”

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#11
Jan 18, 2013
 
Ninthman wrote:
<quoted text>Look, Nagin. Hillary testifies in 5 days and after all the crap Obama did to her I wouldn't be surprised if she comes clean.
Keep smiling, pigbagger.
Don't hold your breath, Ninthnut. On the other hand..........

“Obama Shames the USA”

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#12
Jan 18, 2013
 

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Lawrence Wolf wrote:
<quoted text>Don't hold your breath, Ninthnut. On the other hand..........
On the other hand is Nagin. Democrats have no morals, They thrive on the blood of victims. Just like putting pork in the Sandy Bill to fill their own pockets. Liberal Pigbaggers suck, Benghazi. 4 days

Since: Dec 07

Chandler, TX

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#13
Jan 19, 2013
 
Lance Winslow wrote:
Yup. This is how the ol' Bush administration led us into a decade of economic distress.
2001

April: The Bush Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.(OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,”“the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.(”Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

ALL attempt by Bush to regulate Fannie/Freddie and get it under control BEFORE the crunch hit was blocked in the House by Dodd and in the Senate by Fwank....geniuses "we'll just blame Bush,, the libeals will fall for it!! LMAO The gullible left.

"Blame Bush" ain't working any longer, bubba as the truth is coming out.

Now, how 'bout those cities filing for bankruptcy in good ol liberal California!!! LMAO

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