Anyone remember 2006, the year when the $8trillion housing bubble began to deflate? Maybe now we know why the Fed waits five years before making their crimes public: "There is no one in the eight FOMC meetings who suggests that the economy faces any serious turbulence ahead. There is not even discussion that a mild recession could be in sight. "In fact, at the last meeting of 2006 (pdf), we hear Janet Yellen, who was then the president of the San Francisco Bank and is now vice-chair of the board of governors, comment that: "'There are some encouraging signs that the demand for housing may be stabilizing After a precipitous fall, home sales appear to have leveled off Finally, the gap between housing prices and fundamentals might not be as large as some calculations suggest.'" Alan Greenspan's Ship of Fools | Truthout At the last FOMC meeting in 2006 some members expressed concern that the unemployment rate of 4.5% was too low to keep inflation in check. They did solve that problem for the benefit of the 1%. Not so much for the 99%.