Quote of the Day: Hiding the Housing Bubble
From Alan Greenspan, arguing in a 2004 Fed meeting that arguments about a possible housing bubble should be kept private:
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.
Italics mine. So how'd that work out for you, Alan?
UPDATE: I've been had. Greenspan wasn't talking about the housing bubble, he was talking about a discussion of the Fed's communication policy. Apologies.