This article raises many questions about the ability of the US Federal Reserve to foresee problems in the economy prior to the crash. This transcript of Alan Greenspan's last meeting as the head of the Fed is filled with praise for Greenspan and they believed that the housing market had no problems that they could not deal with. Many of the members that fawned over Greenspan's record are still with the Fed. Bernanke who heads the Fed today was blind to the housing bubble and its potential to derail the economy. Tim Geithner, who is now the US Secretary of the Treasury, displayed some of the skill that has helped him to get ahead in government. His praise of Greenspan was so gushing that it should have been an embarrassment. He was the head of the NY Fed at that time and most of our problems were well underway on Wall Street at that time.
This transcript does little to restore confidence in the ability of the Fed to manage problems before they surface.
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