The 2008 transcripts were released in late-February. Most media operations published stories about the Fed’s absent-minded professors who missed the importance of failing financial institutions during 2008. This was not news.
…the initial stories across news channels were full of ridicule and indignation at the FOMC’s real-time ignorance as banks and markets collapsed.
By the mid-1990s, distortions were growing more difficult to understand. The artificiality of jobs, for one. The hollowing out of the economy.