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Posted in 2007-08 Financial Crisis, Russia, US elections Tagged with:

I spent some hours last week browsing the newly-released transcripts of Federal Open Market Committee meetings in 2009.  Mostly I relied on the extraordinary “live tour” and subsequent coverage by The Wall Street Journal team. Five years is not too long to wait to see what Fed policymakers were saying to one another then. I was struck by how greatly the action had shifted to the incoming administration of President Barack Obama.   The acute-panic phase of the crisis was past, and relatively little of the drama of that troubled year is captured in the talk of monetary policy. On January