Inside the Fed's First Financial-Crisis Meeting; Cramer Was Right
"I think there is a general sense that a lot of this subprime stuff ended up, as it
has in the past, in institutions in Europe," Geithner responded. "So I assume that we have the risk ...
Geithner's was the final point made by a member during the first emergency meeting held by the FOMC in regards to the financial crisis.
Plosser asked Bernanke to repeat the statement to the committee. He did so.
The Fed released this statement on Aug. 10, 2007. It was the first in a string of emergency monetary-policy releases that for the coming years would grip Americans, financial markets and the rest of the world.
A few days before the Fed's first emergency meeting, TheStreet's Jim Cramer unloaded on Fed officials in the following remarks:
"I have talked to the heads of almost every single one of these firms in the last 72 hours, and
Here's that video:
-- Written by Joe Deaux in New York.
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