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NYT: Two Bubbles, Two Paths by Alan S. Blinder, June 15, 2008

"LATELY more and more people have been questioning the received wisdom about what a central bank should do when confronted by an asset price bubble. That piece of wisdom, shared by Alan Greenspan and Ben S. Bernanke, the former and present Federal Reserve chairmen, holds that deliberate bubble-bursting is something between impossible and dangerous — and thus best avoided. Instead, according to this view, the Fed should let bubbles burst of their own accord, and then be prepared to mop up after..."
Source: Extract from article linked to above
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