As Subprime Lending Crisis Unfolded, Watchdog Fed Didn’t Bother Barking

Washington Post by Binyamin Appelbaum | Sep. 27, 2009 (Special Report)

Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies. Full Story »

Posted by Kaizar Campwala - via Columbia Journalism Review, Memeorandum

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4.4

by Manfred Ostrowski - Sep. 28, 2009

This first article aimed at presenting a thorough and well-informed record of the Federal Reserve deserves readers' attention. It offers a serious and trustworthy account of rather complicated issues which are of high importance, especially in today's situation.

I learned a lot in reading this article, and I am looking forward to the forthcoming part(s) of the story.

The Fed was basically preventing itself from finding systemic problems.