Feds Plosser Admits Fed Was Responsible For Last Housing Bubble, Doesnt Want To “Create Another”Submitted by Tyler Durden on 07/12/2013 12:00 -0400
The “mutinying” half of the Fed – that which the FOMC minutes indicated wanted an end to QE by the end of 2013 – is not going to take Bernankes Wednesday steamrolling lying down. Enter Charles Plosser, who becomes a voting member next year:PLOSSER SAYS FED SHOULD HALT QE BY END OF THIS YEARGood luck there. But here is the punchline:PLOSSER SAYS WE DONT WANT TO CREATE ANOTHER HOUSING BOOMFinally, someone from the Fed admits it was Greenspans and Bernankes ruinous cheap money policies that created the last housing bubble. As for preventing another housing “boom” or bubble at it is popularly known, we have two words: too late.