Today the Fed released minutes of meetings at the start and during the great financial crisis. These minutes show how clueless the Fed Governors were at the start of the recession. Here is a list of FOMC Transcripts and Other Historical Materials, 2008 Notes I purposely cherry picked statements of various Fed governors. There was much more gloom in the early minutes than I show below. Yet, the consensus opinion, even though the recession had already started, was that a recession would be avoided.Amazingly, Bernanke spoke of pent-up demand for housing in January of 2008The January 29-30 transcript was a...
