The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: koan who wrote (263918)	7/25/2010 9:44:48 PM
From: pstuartb	Read Replies (2) of 306849

Keynes' basic idea was that the private sector mis-allocated resources and it was the government's job to step in and set things right through both fiscal and monetary policy. Greenspan supported financial deregulation, but he was also massively interventionist on the monetary side. Look at all the fiddling he did with interest rates and the money supply. He pumped money in 98 (LTCM) and again in 1999-2000 (Y2K), and again in 2002-3 while taking short rates to near 0. All of that liquidity and easy credit helped set the stage for the housing bubble. Regardless of whether he had a hard on for Ayn Rand when he was young, he fell in line with the Keynesians when he was Fed head.

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