“Federal Reserve officials in August 2007 saw the beginnings of the crisis in subprime mortgages and concluded that the U.S. economy would be able to withstand it, even as some Fed members warned that it could trigger a downturn, transcripts from their 2007 meetings show.  The transcripts show the committee’s slow grasp of the enormity of contagion that was to spread throughout global markets as a result of billions of dollars in low-quality housing assets that had been securitized into bonds and sold to banks and investors worldwide.  The FOMC focused on the economy’s performance and showed reluctance to alter policy until August.”

http://www.thedailybell.com/28595/Anthony-Wile-Fed-Releases-Transcript-Showing-Officials-Recognized-Upcoming-2007-Crisis-But-Werent-Worried

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