Ouch! Professor John Taylor, creator of the Taylor Rule has written a Wall Street Journal op-ed calling out Bernanke's speech from a few days ago claiming the Fed's low interest rates did not affect the housing bubble (For details on the speech see: implausible deniability)
John Taylor, former undersecretary of the Treasury under Bush, gave a speech which said the Fed must raise rates and reduce the money supply to avoid inflation.
What is most amusing if it was not so serious is Taylor turned our favorite phrase systemic risk onto the Federal Reserve's actions.
Indeed, a recent Wall Street Journal op-ed, again lays blame at the Federal Reserve (let's not name names but it begins with a Green and ends with Span).
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