Markets & Economy

Transcripts of 2008 Fed meetings an astounding revelation into a continuing crisis

While some were busy saving the world, others could only worry about inflation

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The big news this week is an astounding historical revelation useful in the present, but before that a few current events. In congressional testimony Janet Yellen acknowledged weakness in new economic data, but confirmed a continuing QE taper. Even congressmen know to be delicate in debate with babes, and it's a gas to watch their fidgeting caution with diminutive but flint-tough Yellen -- especially when they are at such an IQ disadvantage to the Fed chairwoman. The Weather Channel still controls economic data, but traders are suspicious that Stephanie Abrams is covering for a sliding economy. The most important new news: China has devalued the yuan, reversing expectations for strengthening. The purpose: to aid its exports while its internal economy slows in the beginning of reform, and to compete with Japan's devaluation. The price: U.S. anger. Easy choice. All nations are trying to boost their exports and constrict imports. The result of this simultaneous impossibilit...