The Fed in 2008: More right wing ignorance
A Daily Beast article refers to Fed transcripts released last week. It mentions how the people who make our nation's financial decisions ignored the most obvious thing in the world: The recession we were quite clearly experiencing. The article refers to a NYT article that says "The transcript for that meeting contains 129 mentions of 'inflation' and five of 'recession.'"
"That meeting" was held on September 16, 2008. While most of the members refused to admit to the reality, Yellen and a few others are recorded as pushing for action. Remember Yellen? The current head of the Fed, the person who Republicans claimed didn't have the experience to be Chair? While the articles both says she underestimated the problem, she seems to have been the one to come closest to throwing off the conservative elite's group think.
These unelected theorists who refuse to deal with the real world are a bit too powerful. More transparency is needed.
"That meeting" was held on September 16, 2008. While most of the members refused to admit to the reality, Yellen and a few others are recorded as pushing for action. Remember Yellen? The current head of the Fed, the person who Republicans claimed didn't have the experience to be Chair? While the articles both says she underestimated the problem, she seems to have been the one to come closest to throwing off the conservative elite's group think.
These unelected theorists who refuse to deal with the real world are a bit too powerful. More transparency is needed.