Not quite Irish Economy but of interest to anyone wondering how we got here. Calculated Risk discusses the newly released 2004 transcripts of FOMC meetings. Signs of a housing bubble are already clear. CR digs out a chart presented to the FOMC showing the yield on housing relative to long term real Treasury yields and then extends the chart to show what happened after 2004. CR also shows how the housing yield chart would have looked using the usually preferred Case-Shiller index.