StupidiNews Focus

Today's Bloomberg item on Helicopter Ben is worth a second look:

Federal Reserve Chairman Ben S. Bernanke said low central bank interest rates didn’t cause the housing bubble of the past decade and that better regulation would have been more effective in curbing the boom.

“The best response to the housing bubble would have been regulatory, rather than monetary,” Bernanke said yesterday in remarks to the American Economic Association’s annual meeting in Atlanta. The Fed’s efforts to constrain the bubble were “too late or were insufficient,” which means that regulatory actions “must be better and smarter,” he said.

So...instead of it being the Fed's fault for setting rates too low, it's the Fed's fault for failing to regulate the banks that got greedy because the Fed's rates were too low.

Got it.