Alan Greenspan's ship of fools
In keeping with its policy of releasing transcripts with a five-year lag, the Federal Reserve Board recently released the transcripts from its 2006 Open Market Committee (FOMC) meetings. There is much there to cause pain and amusement.
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Keep in mind: 2006 is the year that the $8tn housing bubble hit its peak and began to deflate. In other words, this covers the period in which the Titanic hit the iceberg and began to take on water. But no one on this sinking ship is even thinking about the lifeboats.
There is no one in the eight FOMC meetings who suggests that the economy faces any serious turbulence ahead. There is not even discussion that a mild recession could be in sight.
http://www.guardian.co.uk/commentisfree/cifamerica/2012/jan/18/alan-greenspan-ship-of-fools
More at the link.
FOMC transcripts here:
http://www.federalreserve.gov/monetarypolicy/fomchistorical2006.htm
