REVEALED: Here's What The Fed Said As The Economy Was Collapsing

The economy, which had just slipped into recession, rapidly deteriorated as oil prices surged and stock prices tumbled.

Troubled subprime mortgages brought down Bear Stearns and Lehman Brothers and credit seized up.

The transcripts offer a unique and more informal look into the Fed that you can't get from the FOMC statements or minutes.

For instance here's Bernanke regarding the languag of the FOMC statement:

"So we are changing the last part of that sentence. We are striking the word "market" and changing "closely" to "carefully." Any other comments or thoughts on the substance, sizzle, or marketing? Or as Rick would say, "moychandising"- but he's not here. [Laughter] All right. If not, Ms. Danker."

Download the transcripts here: http://www.federalreserve.gov/monetarypolicy/fomchistorical2008.htm