Market Place commentator Will Wilkerson, a CATO Institute researcher, complained about the Monday morning quarterbacks who are criticizing Alan Greenspan for not recognizing the housing bubble and taking measures to burst it. The real story here is that competent analysts recognized the housing bubble at the time. Their warnings were ignored not only by Alan Greenspan and the Fed, but also by most major media outlets like Market Place radio. It is unfortunate that Market Place would try to attempt to mislead the public by airing such an ill-informed commentary. The housing bubble was easy to recognize and it could have been deflated before it grew to such dangerous levels. The public should know this fact.
--Dean Baker
