Bernanke Doesn't Blame Greenspan For House Bubble

Federal Reserve Chairman Ben Bernanke, asked whether his predecessor, Alan Greenspan, deserved blame for the housing crisis, said the academic literature "doesn't put heavy weight on monetary policy" as a culprit, noting that there isn't a good correlation between rate policy and house price moves on an international level. He said the rate impact on house payments was "trivial." He added the first defense against new bubbles is at the regulatory and supervisory level.

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