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The Fed Failed to Grasp the Gravity of the 2008 Crisis as Banks Tumbled

The Federal Reserve on Friday releases the full transcripts of its 2008 policy-making meetings. The documents reveal that Fed members failed to realize the far reaching of the financial crisis. In January, many members felt it was unwise to lower interest rates too soon, and in March they didn't even discuss a potential bailout of Bear Stearns. By the Lehman Brothers bankruptcy, central bankers were uncertain of its systemic risks, and by the end of that month, it was clear that no bank was safe. TheStreet's Joe Deaux reports on the transcripts.