Federal Reserve Chairman Ben - Bernanke (Ben S. Bernanke) said the Fed governor in 2005, the housing market did not foresee the threat of the financial system, in part because the Fed economists did not find a significant risk.
Bernanke last December 21 to the financial crisis, the Commission of Inquiry (Financial Crisis Inquiry Commission) said in a letter submitted to the U.S. Federal Open Market Committee (hereinafter referred to as the "FOMC") held in mid-2005 meeting, Fed Governor and the local staff of the Federal Reserve governors heard the reports, which indicate that the U.S. mortgage system of housing prices may fall due to "distortions, but is unlikely to collapse," that the housing market may also have "reliable basic surface. "
Bernanke said in his letter: "In view of these and other analysis, the summer of 2005 FOMC meeting is difficult to suspect that many participants are too high valuation of the housing market will bring major systemic risk." Bernanke of the 2005 the contents of letters earlier this month open the letter is handwritten, 2005 FOMC meeting part of the record content. The Fed has not announced any 2006 or subsequent meeting of handwritten records.
Commission of Inquiry on the financial crisis earlier in the day released a report of up to 545, including the above-mentioned letter Bernanke provided some of the points. Congress had designated the Commission of Inquiry to the financial crisis of 2008 to investigate the causes of the credit crisis, the Commission released a report today accused said, "regardless of the consequences of the" Wall Street firms and the "weak" Federal regulators are led to this crisis where the cause, and concluded that the crisis could have been avoided.