Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Fed missed the recession, but acted quickly after

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2008 Crisis in perspective: Cox & Domm

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.