There is nothing more frightening than when those in charge of the economy miss something that was as plain as the nose on your face. Such was the situation with the Federal Reserve and the subprime mortgage crisis in 2007. The FOMC met on August 7th and claimed there was not enough evidence of a subprime problem.
The pages so far are OK, but I think the denizens of EP can add a lot to those pages (and I wouldn't be surprised if many of you already have). What I am especially worried about are attempts by wrong-wingers to rewrite certain parts, as I gather from the discussion pages has happened already. So, I appeal to everyone here to look at those Wikipedia pages every once in a while, and help keep them accurate.
Remember the Bankruptcy Abuse [sic] Reform act of 2005? Yeah, the one that the credit card companies and banks got passed by buying the very best Congress money can buy. Turns out, according to the New York Fed's research, that since people going bankrupt after the BAR found it more difficult to stop paying their unsecured debts - i.e. credit cards - they were forced to stop paying their mortgages instead. Over 120,000 of them a year, according to the NY Fed researchers.
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