FED Failed to Foresee Crisis

In the latest issue of, The Week, the 1/27th edition, the FED Failed to Foresee Crisis (headline).  Transcripts from the Federal Reserve’s 2006 meetings reveal that the nation’s top economic thinkers “had little idea” that a financial crisis was looming. What is incredulous to me is that there is a “customary five-year waiting period” before these transcripts can be released. WHAT?  Do you mean to tell me that the American people must wait 5 years before hearing what these bankers have to say about our money supply?  This is a prime example of the problems with the FED – they are secretive and lack transparency.  The American people should demand transparency from these so-called FED economic thinkers. It begs the question:  did they purposefully deceive the American people, knowing that a financial meltdown was on the horizon?  Let’s face it, the banking industry came out smelling like roses at the expense of hard-working Americans.  And the wheel keeps turning . . . !!!!!

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