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BREAKING: Inside the Fed's 2007 crisis response

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Friday morning, the Federal Reserve published transcripts of its closed-door policy meetings in 2007, the first year of a financial crisis that remade the global economy, and a year in which the United States fell into what would become the deepest recession of modern times. It was also the year in which the Fed's began an era of unprecedented activism, in its efforts to keep the global financial system from unraveling. The transcripts of eight regular meetings of the Federal Open Market Committee and three emergency videoconference calls that year, released with a customary five year delay, paint a portrait of policymakers trying to grapple with a rapidly spreading crisis. After months in which markets lost confidence in securities backed by subprime mortgages--and, as time went on, the banks that owned those securities--an all-out financial panic began in August, 2007...

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