Greenspan gets credit for the tech and housing bubble. Bernanke has happily picked up the mantle, and seems totally unconcerned about creating yet another bubble.
Bubbles are important for the country because there is nothing more dangerous and damaging to an economy than a great asset bubble that breaks. And this is something the Fed never seems to get. … We looked back as far as we could, [of the 34 bubbles we found over the years], 32 have moved all the way back down to the trend line that existed prior to the bubble forming. There were no exceptions.
6 minute interview after the jump to Financial Times:
Link to Financial Times Interview (video)
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