The Federal Reserve releases transcripts of its Federal Open Market Committee (FOMC) meetings only after a five-year lag in order to preserve the confidentiality of the discussions. When the transcripts of the FOMC's 2008 meetings were released, one member of the Board of Governors was quoted as saying in an April 2008 meeting, "I think it is very possible that we will look back and say, particularly after the Bear Stearns episode, that we have turned the corner in terms of the financial disruption." Did this member's analysis turn out to be correct? Briefly explain why his prediction may have seemed reasonable at the time.