Posted on 01/13/2012 12:43:04 PM PST by ColdOne
WASHINGTON – Ben Bernanke presided over his first meeting as Federal Reserve chairman in March 2006 believing the nation's economy could pull off a "soft landing" from falling home prices. Three months later, Bernanke had begun to grasp that he and others had underestimated the risk housing posed to the economy.
Newly released transcripts of Fed meetings during Bernanke's first year as chairman show that, among Fed officials, he often expressed the most concern about housing. But no official, according to the transcripts, recognized the extent of the damage a housing bubble would cause. A year later, the housing market's collapse helped send the nation into its worst recession since the Great Depression.
In fact, Treasury Secretary Timothy Geithner, then a Fed official, expressed confidence in September 2006 that "collateral damage" from housing could be avoided. The transcripts released Thursday covered the eight meetings of the central bank's chief policy-making body, the Federal Open Market Committee, during 2006. That included the last meeting of Federal Reserve Chairman Alan Greenspan in January of that year and Bernanke's first meeting in March after he had succeeded Greenspan as chairman.
(Excerpt) Read more at foxnews.com ...
This is the equivalent of a 747 pilot thinking he’s gonna be able to pull off a soft landing with one wing.
“This is the equivalent of a 747 pilot thinking he’s gonna be able to pull off a soft landing with one wing.”
And no landing gear.
What a plan ,,, lets assett strip the middle class for 30+ years and then inflate and crash the only assett they have left... Brilliant strategy if you’re an elite looking to create an aristocracy/serf result.
Sustainable revenues for a developed country come from manufacturing at home. Starve the B. Have fun. Enjoy the slide.
The Fragmenting of the New Class Elites, or, Downward Mobility
http://www.freerepublic.com/focus/f-bloggers/2832259/posts
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