Is Raising Interest Rates the Fed's Only Tool for Bursting Bubbles?

That's what the NYT told us this morning in a piece on what the Fed does and can do. The piece turns to a discussion of bubbles. It notes regulatory efforts to limit bubbles, then comments:

"The outstanding question is whether the Fed should try to pop bubbles if those first lines of defense don’t work. The problem with popping bubbles is that the Fed really only has one way to do it: by raising interest rates for the entire economy, which is something like dropping bombs on cockroaches."

Hmm...