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

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...