USA Inside the Fed in 2008: What were its worries amid economic collapse?

Now-Chair Janet Yellen fretted about wrong incentives created by Wall Street pay structure. Many underestimated the effect of the Lehman Bros. failure. These and other insights come from Fed meeting transcripts, released Friday, of that tumultuous year.  

By , Staff writer

Mary F. Calvert/Reuters

Newly released transcripts from Federal Reserve meetings during 2008 – a very bad year for the US economy, to say the least – paint a detailed picture of how the US central bank struggled in its efforts to contain a spreading financial crisis, including the controversial provision of bailouts to troubled firms.