Fed missed the recession, but acted quickly after

The Federal Reserve opened a wide window Friday into the history-making decisions it undertook during the financial crisis.

Transcriptions of meetings held throughout 2008 showed the central bank's Open Market Committee both underestimated the severity of the economic downturn and acted with rapidity to address it.

Along the way there were misgivings, debates and even laughter.

The main question now is where that leaves the Fed for its future course.

CNBC's Patti Domm and Jeff Cox hash it out.