The NYT has a story about this today — first day back to business-as-usual after the holidays. Evidently, in a speech yesterday, Fed chair Ben Bernanke suggested the housing bubble and the attendant economic bust that followed the bubble’s popping resulted from (now, this is the sort of irony that makes for guffaws in movie houses) INSUFFICIENT OVERSIGHT.
“Stronger regulation and supervision aimed at problems with underwriting practices and lenders’ risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates,” Mr. Bernanke said in remarks to the American Economic Association.
Gotta be the biggest CYA moment since Sunday’s A-J carried (touted on the front page in 60-point bold, no less) statements from the TTU trainer and team doctor contradicting Mike Leach’s treatment of Adam James (son of ESPN commentator and Pony Express culprit Craig James). OF COURSE the doc and the trainer came down on the side of the admin: the admin had all week to reinforce the point that you cross Gerald Myers and your job and paycheck are history….