Federal Reserve minutes disclosed early in 2012 indicate how off the mark the Fed was in gauging the instability of the residential market in 2006 and 2007, even after residential real estate prices began falling.
Outside a few voices, the consensus was that no serious dangers were ahead. A light cyclical downturn at most was the worst they saw.
This proves again there are no regulatory experts in government, just those given the job of being the master of a financial behemoth beyond their ability to comprehend. (See the Earl J Weinreb NewsHole® comments.)
No comments:
Post a Comment