At one point in Danielle DiMartino Booth’s book about her experiences as an analyst at the Federal Reserve during the panicked days of the 2007-2008 financial crisis, she quotes verbatim a meeting at the Federal Open Market Committee, then operating under Chairman Ben Bernanke. It was March 2008. Bear Stearns had just collapsed. The FOMC was debating how to craft its official statement to lower the risk of inflation. “On inflation expectations, because they haven’t risen very much, I agree with President Geithner,” said District Governor Donald Kohn. “I like the fact that we tell people we are aware, but we could say ‘have edged higher’ or something like that instead of ‘risen.’” “We could use my ‘smidgen’ word, but ‘edged higher’ is better,” chimed in Frederic Mishkin, another district governor. “Went up a smidge,” Kohn responded. “Have risen somewhat?” Mishkin said. “Brian, do you have a thought on ‘risen’ versus ‘risen somewhat’ versus taking it out?” Bernanke said. This discussion goes on for a couple dozen more lines. “I might have run screaming from …