Did Greenspan try to quash a housing-bubble debate?
The Huffington Post is running hard with Ryan Grim’s story about recently-released Fed minutes from 2004. “Greenspan Wanted Housing-Bubble Dissent Kept Secret” is the headline, and it’s running with a large and unflattering picture of Greenspan. The story’s being picked up all over the place: Kevin Drum , Ryan Avent , and Yves Smith have all repeated that Greenspan tried to quash debate over the housing bubble by saying this: We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand. Except, if you look at the actual document, he’s not talking about the housing bubble at all. He’s responding to Vincent Reinhart, who’s putting together the…(read more)
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