Full Steam Backwards

The Fed recently released transcripts of its 2006 Open Market Committee meetings. There is a 5 year lag in seeing these transcripts. Dean Baker pieces together the outright incompetence and complete and utter lack of foresight of the members of this committee which had the power to avert the monumental collapse of the Great Recession if they only knew what they were doing.

Guardian UK: Alan Greenspan's ship of fools

The public may be powerless at the moment to force our political leaders to take the steps necessary to bring the economy back to full employment. However, we certainly have the ability to ridicule the incompetence of those responsible for this preventable disaster. We should take full advantage of the opportunity provided by the latest Fed transcripts.