"Believing far too credulously in an invisible hand, the Federal Reserve failed to see the subprime crisis coming." I assume he is stating the Fed believes in

"Believing far too credulously in an invisible hand, the Federal Reserve failed to see the subprime crisis coming." I assume he is stating the Fed believes in a stable state.But the Federal Open Market Committee meets 8 times a year to evaluate the interest rate, which is in constant flux at their hand: http://www.moneycafe.com/library/fedfundsratehistory.htm http://www.moneycafe.com/library/fedfundsratehistory.htm That seems hardly like the activity of an actor who believes they are in a stable environment.