Transcripts tarnish Greenspan’s image
Then-Fed chief, others failed to see signs of crisis
Newly released documents from Federal Reserve meetings in 2006 cast doubts on Alan Greenspan’s image and suggest that policies made under him contributed to the current financial crisis. The release of transcripts of Fed meetings in 2006 shows that top leaders of the Fed - several of whom continue to hold key positions today - had a limited awareness of the gravity of the threat that the weakness in the housing market posed to the rest of the economy. And they had what turned out to be an excessive optimism about how well things would turn out.