The author has reviewed the recently released transcript of the 2008 meetings of the Fed’s policymaking Federal Open Market Committee (FOMC) which reflect the deliberations of Fed officials concerning the greatest financial crisis since the Great Depression of the 1930s.
The article provides an excellent review of how the ruling class, which is strongly represented in the Fed, saw what was happening and how they managed the crisis. From this review Damon reached this conclusion:
In all of the 1,500 pages of Fed transcripts from the fatal year 2008, there is not the slightest suggestion that the banks should be seized, broken up or taken over, and that those responsible for the financial disaster should be held accountable and made to pay for their crimes. The Federal Reserve, far from being an impartial arbiter, above the fray of social interests, is delegated by the capitalist state with particular responsibility for securing the interests of the banks and financial interests, covering up their illegal activities, providing them with the most favorable conditions to speculate, and bailing them out with public funds when their bets go bad.