Jerry Barnes <[email protected]> wrote: > > Pimco put it, Alan Greenspan needs to create a housing bubble to replace the > Nasdaq bubble. - Paul Krugman >
The problem with the implicit intent of your quote is that the "bubble" Krugman is referring to is a monetary policy bubble within the confines of pre-1999 law. He's right. That would've been a good thing. Of course the real problem was that the bubble that was actually created was within the confines of post-1999 law (i.e., CFMA & Gramm-Leach-Bliley). No amount of analysis could've possible predicted the unfolding of events due to those legislation changes, including Krugman's. So if you're looking to blame someone, blame Clinton and Phil Gramm. That having been said, anyone with a breath could've told you that unraveling Glass-Steagall would be a very bad idea. It was put there for a reason. 'course Gramm and Clinton needed to get rich somehow. Gramm's now Vice Chairman of investment banking for UBS. Purely coincidental, I'm sure. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:337565 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
