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Krugman [...] was not cheerfully advocating a housing bubble, but instead he was glumly saying that the only way he could see to get out of the recession would be for such a bubble to occur.
--
Arnold Kling, "Defending what Paul Krugman Wrote, blog at Library of Economics and Liberty, 17 June 2009

 

Paul Krugman

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From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.

 

Ron Paul

 

Greenspan's reaction with regard to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble... History will judge him one of the worst Central Bankers ever.

 

Alan Greenspan

 

We had a bubble in housing.

 

Alan Greenspan

 

Bubble, bubble, flows the stream
Like an old tune through a dream.

 

Maurice Thompson

 

Neil Cavuto: Yeah but, you can't, Congressman, we've got a pretty good economy going here, right? We've got productivity soaring. We've got retail sales that are strong. We've got corporate earnings that for, what, the 19th quarter, are up double digit? We've got a market chasing highs, I mean, this isn't happening in a vacuum, right?
Ron Paul: Yeah, that's nice, but when you have to borrow, you know... My personal finances would be very good if I borrowed a million dollars every month. But, someday, the bills will become due. And the bills will come due in this country, and then we'll have to pay for it. We can't afford this war, and we can't afford the entitlement system.
Neil Cavuto: Look, Congressman, did you say this 10 years ago, when the numbers were similarly strong...
Ron Paul: Go back and check.
Neil Cavuto: ...and we were still borrowing a good deal then.
Ron Paul: That's right, that means the dollar bubble is much bigger than ever.
Neil Cavuto: So what's gonna happen?
Ron Paul: We've had the NASDAQ bubble collapse already. We have the housing bubble in the middle of a collapse, so the dollar bubble will collapse as well. We have to live within our means. You can't print money out of the blue, and think you can print your money into prosperity.

 

Ron Paul