Meeting of the Federal Open Market Committee on June 29-30, 2005

The Fed knew the housing bubble was about to burst in 2005.  So why did Fed Chairman Bernanke tell the world everything was fine in 2005, 2006, 2007, and even 2008 when we had a financial meltdown?  It's 234 pages long, but if you care to skim it, you'll know the FOMC saw it coming, even if they failed to warn the public.

http://www.federalreserve.gov/monetarypolicy/files/FOMC20050630meeting.pdf