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Fed 2006 Transcript Highlights: Riding Housing Roller Coaster With Eyes Shut
Keywords:
Transcripts of Federal Open Market Committee meetings of the Federal Reserve in 2006, show new chairman Bernanke, and New York Fed president Geithner's failure to see the housing slump. Fed Governor Susan Bies raised the housing issue at meetings of the Fed, and is ignored by Bernanke, who sees a soft landing for the housing market.
Fed chairman Bernanke and New York Fed president Geithner ignore warnings in 2006 about the housing bubble
01/02/2009
Transcripts of the meetings of the Federal Open Market Committee of the Federal Reserve show new Fed chairman Bernanke and Head of the New York Fed discounted the growing risks in the U.S. housing markets in 2006. Fed governors Janet Yellen and Susan Bies raised the issue in meetings at the Fed. Transcripts show a sense of complacency had set in at the Fed with Bernanke confident about a soft landing for the housing market.
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The Case Against the Bernanke-Obama Financial Rescue
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New York Times 05/17/2014
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
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New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
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Charlie Rose Talks to Robert Reich
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A Stress Test for the Latest Bailout Plan
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Citigroup Hits 'Penny Stock' Realm
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Obama, Geithner Get Low Grades From Economists
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Criticism of Bernanke's role at the Federal Reserve
01/02/2009
The difficult renomination and the subsequent 70-30 vote with 30 Senators opposed including Boxer, Feingold, Sanders and others. This follows Ron Paul's criticisms in Congress of the Fed's role- see that link group.
Grouped Articles
Martin Feldstein: The Federal Reserve's Policy Dead End
Wall Street Journal 05/09/2013
Bhidé and Phelps: Central Banking Needs Rethinking
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Wanted: A Boring Leader for the Fed
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The Federal Reserve's new role under Bernanke and the Obama financial regulatory reforms.
06/24/2009
Bernanke Fed's new role after extraordinary work in extraordinary circumstances during the financial crisis of late 2008 and early 2009.
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Trench Warfare: Send In the Deputies
New York Times 04/16/2010
The Power Behind the Throne at the Federal Reserve
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Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Behind the Scenes, Fed Chief Advocates Bigger Role
New York Times 06/24/2009
Two Authorities on Fed Advise Congress Against Expanding Its Power
New York Times 07/10/2009
Bernanke Heads to Congress Battling Calls to Tame the Fed
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The Geithner March 23, 2009 Plan for attacking toxic assets with government money to private investors.
01/02/2009
The Geithner Plan and the views of people like Krugman in the NYT, and Peter Eavis of the WSJ Heard on the Street column who doubt this will work and outline their reasons. If so it will be a costly error as job losses continue to worsen the situation each month that passes without a solution that works.
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A Conflict in Geithner's New Job- Not Exactly
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Obama, Geithner Get Low Grades From Economists
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Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
New York Times 05/19/2014
Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
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A Conflict in Geithner's New Job- Not Exactly
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Obama, Geithner Get Low Grades From Economists
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New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
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Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
Ben Bernanke, Federal Reserve chairman's role in the Rescue Plan in the global financial crisis Sept-October 2008.
10/14/2008
Bernanke's role in the financial crisis of Sept 2008.
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Fed Chairmanâs Departure Casts a New Light on the Bush Legacy
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Reflections by America’s Buddha of Banking
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Robert Samuelson: Bernanke’s triumph -; and defeat - The Washington Post
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Ben S. Bernanke - What the Fed did and why: supporting the recovery and sustaining price stability
Washington Post 11/04/2010
New View Into Fed's Response to Crisis
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Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
The U.S. Federal Reserve's Large Institution Supervision Coordination Committee
10/21/2009
Fed chairman Bernanke and Governor Tarullo set up the LISCC in 2010 to provide expert supervision at Fed headquarters that reports to them. Before this supervision was left to the 12 Federal Reserve Banks. Now the Fed can draw on the 42 PhD's and other experts in its ranks to review individual bank's financial position for systemic risk in adverse scenarios and flag these risks. This is critical to effective supervision of large banks.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
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The Power Behind the Throne at the Federal Reserve
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Fed Boosts Pressure on Banks Over Capital Levels
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Banks Ordered to Add Capital to Limit Risks
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The Federal Reserve's Too Cozy Relations With Banks
Wall Street Journal 09/10/2014
The Fed Needs Governors Who Aren’t Wall Street Insiders
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