Fed Releases 2008 Financial Crisis Deliberation Transcripts

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Fed Releases 2008 Financial Crisis Deliberation Transcripts
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The U.S. Federal Reserve has just released the transcripts from its 2008 deliberations about the financial crisis. The disclosure shows exactly what regulators were thinking at the time. The transcripts cover 14 meetings—both scheduled and emergency—which it held in 2008. They provide a more complete picture of what was happening inside the central bank as the financial crisis got worse and worse—becoming the worst economic downturn since the Great Depression.

Fed didn’t see a recession in January

Toward the end of January 2008, regulators were hoping they would be able to avoid a recession. In fact, at the time, they weren’t “forecasting” one, according to Dave Reifschneider, who was a member of the Federal Reserve board.

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This means that in just a matter of months, the U.S. economy crumbled under the watchful eyes of the Fed. Indeed, before Wall Street’s large