[olefoo]

You have to consider that in this case he is writing for a general audience. You also have to consider that he is writing in an environment where he has to distinguish himself from Chicago school absolutists.

Also, I think your assertion that asset bubbles do not occur absent government interference is wrong; or at the very least leaves out the fact that often it is the speculators themselves who are most demanding that the government aid and assist the inflation of the bubble.

[anamax]

> the fact that often it is the speculators themselves who are most demanding that the government aid and assist the inflation of the bubble.

"He asked me to do {something stupid}" does not relieve you of the responsibility for the dumb things that you do.

More to the point, the "govt should fix things" belief leads to govt doing dumb things. These things never look dumb up front.