In his second meeting as chairman of the Federal Reserve in May 2006, Ben Bernanke was warned about the nation’s mortgage market.

The following excerpts are from the WSJ regarding Bernanke’s reaction to the warning signs concerning the housing market:

“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. The transcripts paint the most detailed picture yet of how top officials at the central bank didn’t anticipate the storm about to hit the U.S. economy …

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