I have trouble understanding how they could have sat there and talked about the problems without recognizing the inevitable result of those problems. It was not that hard, even in 2006, to look at what was going on in the housing market and come to the conclusion that it was going to run off the tracks. It was also not hard to look at the market and recognize that it was virtually impossible for any correction at all to be less than a catastrophe.
I just dont understand how they could have possibly come to the conclusions they did...unless they were just wearing blinders...in which case I have to wonder what the hell they are doing on the federal reserve.
If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen. —Samuel Adams