Anyone of even modest reading comprehension would understand that Krugman is quoting Mr. McCulley, who talked about creating a housing bubble to replace the NAS

Anyone of even modest reading comprehension would understand that Krugman is quoting Mr. McCulley, who talked about creating a housing bubble to replace the NASDAQ bubble. (By the way, McCulley wasn't advocating it either, just talking about Greenspan doing it.) But Krugman-hate has strongly negative effects on reading comprehension.