This week there was a backlash in the press to Ben Bernanke’s recent statements about the housing bubble and interest rates.
Wall Street Journal’s article Bernanke Challenged on Rates’ Role in Bust, covers his statements and analysis from leading national economists, including the following survey results:
- Bernanke says poor regulation, not monetary policy, led to housing bubble.
- In October 2005, very possibly the “peak” of the Kauai market, the Washington Post covered Bernanke: There’s No Housing Bubble to Burst
Video Updates from WSJ.com News Hub:
- Challenging Bernanke on Housing Bust
- Analysis and comments from David Wessel, Economic Editor of The Wall Street Journal.
At the end of the day, sounds like “spin” to lobby for his job. For homeowners facing foreclosure who were sold unrealistic loans, his statements fall flat.
If I had to put a soundtrack to this blog post, it’d be the 10 year old irritating song that used to get played constantly on the radio (at least on Kauai) from Shaggy – It Wasn’t Me. Ever since I read the news this morning, this stupid song is stuck in my head!