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Topic: Fed missed warning signs
in 2007 as crisis gained steam |
Fed missed warning signs
in 2007 as crisis gained steam
Reuters, by Pedro Nicolaci da Costa*
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Original Article
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Posted By:NorthernDog, 1/19/2013 10:14:11 AM
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| WASHINGTON - Top policymakers at the Federal Reserve felt for most of 2007 that problems in housing and banking were isolated and unlikely to tear down the U.S. economy as they ultimately did. Even as crisis signals started flashing red with the freezing of credit markets during the summer, Fed officials believed the troubles would be moderate and short-lived, according to transcripts of the 2007 meetings released on Friday after the customary five-year lag. U.S. Treasury Secretary Timothy Geithner, then president of the New York Federal Reserve Bank, said during an emergency telephone call on August 10 of that year
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Comments:
*Alister Bull, Ann Saphir and Jonathan Spicer
These same clowns are now guiding us to the brink of another financial precipice.
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Reply 1 - Posted by:
billp, 1/19/2013 10:23:30 AM (No. 9126277)
So... BUSH´S fault!
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Reply 2 - Posted by:
MisterDickens, 1/19/2013 10:32:41 AM (No. 9126299)
First sentence proves the utter worthlessness of the article... and the hidden agenda.
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Reply 3 - Posted by:
toddh, 1/19/2013 10:33:48 AM (No. 9126301)
Sen. John McCain tried to rein in Fannie Mae and Freddie Mac in 2006.
http://www.humanevents.com/2008/10/10/mccain-letter-demanded-2006-action-on-fannie-and-freddie/
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Reply 4 - Posted by:
LudicrousSextus, 1/19/2013 10:36:27 AM (No. 9126305)
Most amusing. From the outset - the ´housing crisis´ was a Federal creation - force lenders to underwrite people buying homes - without the income to support it. This drove the housing bubble - and bust, when reality hit...
The Feds *still* force these insane policies, and humorously - now the GAO says we´re on course to tank the US economy completely unless the Feds reverse their insane spending.
Ready for the next ´housing crisis´? Think of the last thing the Feds ´improved´ - then sign up for healthcare in Bolivia. Couldn´t be any worse than where we´re heading...
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Reply 5 - Posted by:
civilservant, 1/19/2013 10:42:16 AM (No. 9126315)
BS. Barney Frank´s excoriation of the Bush Admin. member testifying about attempts to save are FOREVER alive on the web.
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Reply 6 - Posted by:
Cleanhousein2012, 1/19/2013 11:12:02 AM (No. 9126384)
How come ´unexpectedly´ wasn´t in this article?
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Reply 7 - Posted by:
woofwoofwoof, 1/19/2013 11:12:08 AM (No. 9126386)
This is not news.
Everyone saw a tumble coming, but nobody saw the market failure that broke the systems. And a massively stupid "mark to market" rule that made it all twice as bad. And failure to enforce illegal bear raids on bank stocks.
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Reply 8 - Posted by:
JAN, 1/19/2013 11:19:12 AM (No. 9126401)
Greenspan is the grandfather of this mess. Bernanke just followed his lead.
Enabled and encouraged by the evil doer in the White House.
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Reply 9 - Posted by:
retcpo, 1/19/2013 11:22:38 AM (No. 9126415)
Tim Geitner was distracted by TurboTax instructions.
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Reply 10 - Posted by:
azusaman, 1/19/2013 11:57:37 AM (No. 9126495)
LOL #6
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Reply 11 - Posted by:
Canesplitter, 1/19/2013 11:59:52 AM (No. 9126499)
The only warning sign I saw was losing the congress to the democrats in Nov 2006. The die was cast. Look at median home sales prices in summer 2007. I make a living looking at forensic market analysis. In market area after market area, once Nancy and Harry set their claws into the economy, the HPI started to plunge.
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Reply 12 - Posted by:
stablemoney, 1/19/2013 2:07:53 PM (No. 9126688)
Ben Bernanke didn´t expect anything that followed 2007. Bernanke was not aware that the U.S. credit rating might be lowered, did not know that labor force participation would fall to 1980 levels, or that America´s standard of living would fall by 10% in the following 4 years. Now, 2013, Bernanke does not expect higher inflation, currency devaluation, or U.S. bankruptcy. If we had a GOP, they would enact a law that said the Federal Reserve cannot monetize the debt by printing money, but we don´t? The GOP didn´t expect what has happened, doesn´t know anything about, denies having any power whatsover, and does not remember winning the House.
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Reply 13 - Posted by:
Packard Man, 1/19/2013 3:26:07 PM (No. 9126823)
Must be the lack of oxygen so high up.
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Reply 14 - Posted by:
Old Army Vet, 1/20/2013 12:45:43 PM (No. 9128229)
None of them could run a hot dog stand.
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