Revisiting the Fed’s Crisis

Reading through the just-released transcripts of the Federal Reserve’s Federal Open Market Committee meetings in 2008, one is compelled to ask a single, overarching question: What accounted for the FOMC’s blinkered mindset as crisis erupted all around it?

BERKELEY – Reading through the just-released transcripts of the US Federal Reserve’s Federal Open Market Committee meetings in 2008, I found myself asking the same overarching question: What accounted for the FOMC’s blinkered mindset as crisis erupted all around it?

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