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Housing Prices Aren't Fed Target, Greenspan Says

Contributed by mm | July 18, 2005 8:55 PM PST





Greenspan is playing the same trick as he did five years ago: don't deal with the bubble itself, but deal with the consequences.

From Wall Street Journal:

Recent warnings by bank regulators on risky housing-related lending aren't meant to rein in a potential bubble, Federal Reserve Chairman Alan Greenspan said.

"The regulatory system is not designed to influence or control asset bubbles, but rather to ensure that bubbles, should they develop, do not lead to unsafe lending practices," Mr. Greenspan said in a letter to Rep. Jim Saxton (R., N.J.), chairman of the Joint Economic Committee of Congress.

The remarks, dated July 11 and released yesterday by Mr. Saxton's office, show the Fed has rejected using either of its major tools -- monetary or regulatory policy -- to rein in housing prices. Mr. Saxton had asked whether the Fed and other bank regulators that had recently issued guidance on risky home-equity loans, were using "regulatory suasion" instead of higher interest rates to rein in a housing-price bubble.
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