http://online.wsj.com/article/SB10001424052748703959104576082313921593064.html?mod=WSJ_RealEstate_LeftTopNews
Only after 5 years can the truth come out because that's how long it takes before you can see for yourself what the FED meetings are really all about.
Didn't America have the right to know before the banks were allowed to suck this country dry?
Federal Reserve officials acknowledged a housing-market bubble more than a year before U.S. house prices peaked, but they showed little inclination to address it, according to transcripts of their 2005 meetings released Friday.
Janet Yellen, then the San Francisco Fed president and now the Fed vice chairman, said at the June 2005 meeting that newer financing options, such as interest-only mortgages, were widely viewed as "feeding a kind of unsustainable bubble." But she suggested that higher prices themselves were "curtailing effective demand for housing at this point and that house appreciation probably is poised to slow. So the increasing use of creative financing could be a sign of the final gasps of house-price appreciation at the pace we've seen and an indication that a slowing is at hand."
