I'm confused. I went and looked at the editorial by Paul Krugman. Here's the quote: "To fight this recession the Fed needs more than a snapback; it needs soarin

I'm confused. I went and looked at the editorial by Paul Krugman. Here's the quote: "To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble." Isn't that exactly what happened? And in 2008 the housing bubble collapsed? Or maybe you have a different story about that bit of history.