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Bernanke Blames Saving Glut for Housing Bubble

Posted on June 03, 2008

In yet another long-winded and self-serving speech, Bernanke blameseveryone but the Fed for the housing and credit bubbles. Not once didhe mention interest rate policy at the Fed. However, he did blameforeign investors and the global savings glut for contributing to theproblem.Given there were no highlights, let's tune into the lowlights from Bernanke's Remarks on the economic outlook at the International Monetary Conference, Barcelona, Spain.Inthe financial sphere, the three longer-term developments I haveidentified are linked by the fact that a substantial increase in thenet supply of savi...

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