The Madeleine Brand Show

The Madeleine Brand Show is a daily, two-hour program that looks at news and culture through the lens of Southern California. Hosted by Madeleine Brand

Transcripts reveal Federal Reserve's slow response to housing crisis

by The Madeleine Brand Show

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Federal Reserve Board Chairman Ben Bernanke Alex Wong/Getty Images

It appears the housing and financial meltdown caught the Federal Reserve by surprise. Transcripts of meetings held in 2006, during Fed chairman Ben Bernanke's first year, were released yesterday. They include comments from Treasury secretary Timothy Geithner – then a Fed official – that "collateral damage" from housing could be avoided.


Binyamin Appelbaum, New York Times Washington correspondent

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