"Perhaps it's time for acceptance: Yes, the banks have used our weakness against us, and they have won." —This story, ostensibly about the insane proliferation of bank branches around New York City, turns out to be about quite a bit more.
To be sure, the just-released transcripts of the Federal Reserve meetings from 2006 do not look so terrific with the benefit of hindsight. But don't just point and laugh; you should read a bit of the transcripts yourselves. What you'll see is a very sophisticated group of people assimilating enormous amounts of information. The math and deduction that would predict the events of 2007 and 2008… well, who among us was banging that drum in mid-2006? (Okay, a few people!) But even those of us with anecdotal data—I, for instance, knew something was wrong with America when a friend who was an unemployed non-citizen immediately got a rather [...]