"On Friday, the Federal
Reserve released the transcripts of the 2008 meetings of its Federal Open
Market Committee, which sets monetary policy. The transcripts provide a
detailed account of some of the Fed's key decisions during that crisis year.
Here is a look at the fuller picture that the documents have provided."
"Federal Reserve officials are
unaware in January 2008 that the economy has already entered a recession. But
the Fed's chairman, Ben S. Bernanke, and his closest advisers are feeling
nervous. They worry that the Fed's actions at the end of 2007 have been
insufficient, and that tumbling stock prices represent the start of a broader
pullback in investment."
http://www.nytimes.com/interactive/2014/02/21/business/federal-reserve-2008-transcripts.html
