Ten years ago last week, then-Federal Reserve Chairman Ben Bernanke testified before the Joint Economic Committee of the US Congress. While that particular day is remembered for his prepared remarks about subprime being contained, it was other facets of his testimony that deserve our remembrance and scrutiny. Subprime wasnt ever contained, nor would it ever have been, but that was truly just a very small part of how the last lost decade has unfolded.
You would think that it would have been the Federal Reserves job to understand the housing bubble, but thats not how it works. …

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