At the October meeting, Timothy Geithner, then president of the Federal Reserve Bank of New York and now Treasury secretary, said: "Developments of financial markets on balance since the last meeting have been reassuring. The panic has receded."By December, the economy had plunged into the recession, which would officially last until June 2009. Five years later, the economy has yet to fully recover.
Transcripts Show Fed Underestimated Crisis In 2007
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