“To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.”

— Paul Krugman

"Dubya's Double Dip?" http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html, The New York Times, 2 August 2002<br>:It should be noted that Krugman was being sarcastic http://www.cepr.net/index.php/blogs/beat-the-press/when-someone-says-paul-krugman-called-for-greenspan-to-create-a-housing-bubble-back-in-2002-they-are-trying-to-say-that-they-are-either-a-fool-or-a-liar; two weeks later, he wrote an article http://www.nytimes.com/2002/08/16/opinion/mind-the-gap.html warning about the dangers of a housing bubble. <br class="br">The New York Times Columns

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American economist 1953

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