Note: Here is weekly summary and a look ahead.
From Fed Chairman Ben Bernanke: Monetary Policy and the Housing Bubble
And reports on the speech:
From the WSJ: Bernanke Says Rate Increases Must Be an Option
From the NY Times: Bernanke Blames Weak Regulation…
Bernanke misspoke in the recent TIME magazine interview:
TIME: Do you have a mortgage?
Bernanke: Oh, yes, we refinanced.
TIME: Oh, perfect. When?
Bernanke: About 5%. A couple of months ago.
TIME: Good time.
Bernanke: Yes. We had to do it because we had an adjustable rate mortgage and it exploded, so…
Amusing take on Ambrose Bierce’s classic in the Journal today.
Excerpt:
AAA, n., obsolete. A rhetorical device used to dupe buyers into purchasing securities backed by shacks dressed as houses, and to secure the highest possible spot in telephone directories. Common usage:…