Federal Reserve Thought Housing Crisis Was Funny in 2006
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The transcripts for the Federal Reserve's 2006 meetings were released this week, and with them comes the news that the people in charge thought that the housing crisis was pretty hilarious at the time, and that the biggest problem facing the economy was inflation. That is to say, that the economy was growing too damn fast! And maybe there was slight cause for concern, things that are too good to be true being not usually true and all that. Even so, Timothy Geithner, then the president of the Federal Reserve Bank of New York and now Secretary of the Treasury, thought in December 2006, mere months before the subprime mortgage crisis hit, that "the fundamentals of the expansion going forward still look good."
Federal Reserve Thought Housing Crisis Was Funny in 2006
Federal Reserve Thought Housing Crisis Was…
Federal Reserve Thought Housing Crisis Was Funny in 2006
The transcripts for the Federal Reserve's 2006 meetings were released this week, and with them comes the news that the people in charge thought that the housing crisis was pretty hilarious at the time, and that the biggest problem facing the economy was inflation. That is to say, that the economy was growing too damn fast! And maybe there was slight cause for concern, things that are too good to be true being not usually true and all that. Even so, Timothy Geithner, then the president of the Federal Reserve Bank of New York and now Secretary of the Treasury, thought in December 2006, mere months before the subprime mortgage crisis hit, that "the fundamentals of the expansion going forward still look good."