Paul Kasriel thinks Alan Greenspan is squeezed between rising inflation and pending crash of housing bubble:
If the Fed hikes interest rates now to preempt inflation of goods and services prices, it risks bursting the housing bubble, which, in turn, could do severe harm to the financial system. But if the Fed maintains its current “unnaturally” low interest rate policy, it invites an acceleration in price increases of goods and services, which will necessitate rate hikes down the road, when the housing bubble is even more inflated. If I were Greenspan, I would retire now to write my memoirs, leaving a note in my desk drawer reading: après mois, le deluge.
Source: The Kirk Report