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Don’t know if it’s quite time to radio the OCC with "Pan-Pan, Pan-Pan, Pan-Pan, ABX, ABX," but it sure has been interesting these last few days. Amid a constant background drone of relentless optimism about markets and the US and global economies, cautionary voices are starting to stand out.
It’s Op-Ed Friday, and we’re considering the advice Federal Reserve Board Governor Frederic Mishkin gave to the Fed this week:
The Federal Reserve should not get into the business of trying to burst or even slow the growth of housing bubbles [How many of them are there?] because it would lose credibility with the public and make it harder to do its job.
That advice may be fine for the Fed, but bursting bubbles is what we do around here. We are going to ignore their advice and ask for your bubble busting links, comments, insights and ideas.
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