December 2007, part 2: Mishkin explains how the Fed caused the Great Recession. By Scott Sumner

December 2007, Part 1: Yellen was right By Scott Sumner

It's weird that people were saying that there was nothing in the 2007 transcripts. Mishkin and Yellen were right. Bernanke comes off badly (so Obama comes off badly???). 

The inflationistas should be embarrassed:

Voting for the FOMC monetary policy action were:  Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; William Poole; and Kevin M. Warsh.  Voting against was Eric S. Rosengren, who preferred to lower the target for the federal funds rate by 50 basis points at this meeting.

I assume Evans and Mishkin just went along so that Bernanke would get consensus. Rosengren comes out looking prescient although as Sumner discusses, Mishkin and Yellen were correct in their analysis and how it played out.