The fact that the Fed fund rate went down to 1 percent in 2002 was an important part of the latter stages of the housing boom. It wasn't the only thing, and it wasn't necessarily a bad thing. In the end, we're going to look back at what happens next to recognize what the trade-offs were.
~ Bruce Kasman, chief economist at JPMorgan Securities, "Greenspan Has No 'Regrets' as Housing Slump Deepens," Bloomberg.com, November 23, 2007
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