What kind of Fed governor would it have taken to suggest that housing was in a bubble and we were going to have to take steps to slow it down - raising rates, analyzing securitization and ratings? It would have taken one tough hombre. In fact, we had Greenspan, who encouraged the unchecked expansion of the securitized derivatives market. And a Congress that would not allow proper supervision of Fannie and Freddie (which is going to cost US taxpayers on the order of $400 billion). The list is long.
...John Mauldin, 2/5, reporting onThis Time Is Different, by Carmen M. Reinhart and Kenneth Rogoff.