No doubt we’ll hear a lot more about this in the news and blogs in coming days:
US Fed missed crisis warning signs
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 US 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 in the US after the customary five-year lag.
