Saturday, January 19, 2013

Runaway freight train

"Newly released transcripts show that Federal Reserve officials, including the Chairman Ben Bernanke, largely overlooked the financial crisis in 2007 as it hurtled its way toward the economy in the U.S. like a runaway freight train.

Even while officials at the Federal Reserve were worrying about the financial markets and more and more evidence was mounting that a meltdown in home mortgages was imminent,  most of the Federal Reserve members were oblivious to what extent the crisis would damage the U.S. economy."

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