Fed admits "We could have done more"

I’ve been trying to defend the Federal Reserve on this whole subprime meltdown. I just posted links to articles supporting them and now a Fed official admits “We could have done more”. So, I’m not going to spend time defending them any further. However, I still don’t think the Fed could have done much. What could they have done? I don’t know. Maybe I’ll look into that now!

Fed official: ‘We could have done more’ to stave off subprime mortgage problems: “‘Given what we know now, yes, we could have done more sooner,’ said Roger Cole, director of the Fed’s Division of Banking Supervision and Regulation. He added that the worst of the problems in the subprime sector — high-cost loans to consumers with impaired credit — didn’t emerge until last year, when lenders stepped up use of risky adjustable-rate products.”

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