Editorial Board

What the Fed Was Thinking During the 2009 Crisis

The details of the Fed's deliberations would be more useful if they had come out earlier.

Waiting for reinforcements to arrive.

Photographer: Jonathan Ernst / Getty Images

The complete transcripts of the Federal Reserve's 2009 policy deliberations, released Wednesday, may be a treat for historians of the Great Recession. It was an eventful year, after all, as the economy hit bottom and the government was still scrambling to rescue U.S. banks. But why did we have to wait five years for them to come out?

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