http://www.washingtonpost.com/wp-dyn/content/article/2009/09/26/AR2009092602706.html?wpisrc=newsletter&sid=ST2009092602937
The Fed also minimized repeated warnings about mortgage lending abuses in part because it was an institution dominated by big-picture economists focused on the health of the broader economy rather than the problems faced by individual borrowers.
Throughout the lending boom, consumer advocates trooped regularly to the Fed's monumental marble headquarters on Constitution Avenue to offer specific accounts of abuses in financial transactions. But what seemed powerful to advocates often was dismissed as anecdotal by regulators.
"I stood up at a Fed meeting in 2005 and said, 'How may anecdotes makes it real?' " said Margot Saunders of the National Consumer Law Center's Washington office. "How many tens or thousands of anecdotes will it take to convince you that this is a trend?' "
I suspect she is misquoted and it should say "How many anecdotes makes it real?" If so, perhaps her poor grammar contributed to the misquote.
"In looking at our responsibility to enforce these consumer laws we believe a somewhat more proactive stance is justified," Bernanke told Congress.
The Fed also said it will begin to investigate consumer complaints.
Hmm, more closing of the doors after the cows have gotten out.
