It Was the Housing Bubble, Stupid

I really don't like to beat up on Ben Bernanke. I don't know him personally, but everyone I know who does says that he's a really nice guy. And, there is no doubt he is a very smart economist. But he shares the blame for the downturn with his former boss, Alan Greenspan. Even worse, he still seems resistant to getting the story right.

He gave a speech last month in which he forgives himself and others in policy positions for being surprised by the dangers posed by the collapse of the housing...