In his second meeting as chairman of the Federal Reserve in May 2006, Ben Bernanke heard a Fed governor warn about the nation’s mortgage market. But Mr Bernanke described the cooling of the housing boom as a “healthy thing”, reports the WSJ. “So far we are seeing, at worst, an orderly decline in the housing market,” he said. Mr Bernanke’s words were contained in 1,197 pages of transcripts released Thursday of closed-door Fed meetings from that year. FT Alphaville has more quotes and links to the most cringe-worthy highlights.

This entry was posted by Kate Mackenzie on Friday, January 13th, 2012 at 4:57 and is featured in The 6am Cut London (13 Jan 2012), The Lunch Wrap (13 Jan 2012) . Tagged with ben bernanke, federal reserve, subprime mortgages, US Federal Reserve, US housing. Edit this entry.