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Better, said Mr Mishkin, to act fast once a bubble bursts.
ECONOMIST: Assets and their liabilities
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For his next act, he correctly predicted the housing bubble.
FORBES: SHILLER: Predicting Stock Markets Is Like Predicting An Argument With Your Spouse
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Just like with the Internet bubble of the late 1990s, the government refused to act in advance of the crisis.
FORBES: From Subprime To The Ridiculous
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Living inside their Beltway Bubble, they are convinced that the 2002 business regulatory act Sarbanes-Oxley is a success story, requiring only tweaking around the edges.
FORBES: Beltway Bureaucrats Bad For Business
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However, it was massive government support for the housing industry through the mortgage deduction, rules such as the Community Reinvestment Act, and a multitude of subsidy programs that created the property bubble which burst so disastrously in 2008.
FORBES: Raise Taxes To Clinton-Era Levels? How About Spend At Clinton-Era Levels?
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The Bush Tax Cuts were followed by a decrease rather than an increase in tax revenue, except during the end of the government generated housing bubble pushed by the Bush administration with vehicles such as the 2003 American Dream Downpayment Assistance Act.
FORBES: Oracle Of Omaha Is No Sage Of Taxes
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First, the 1995 act, with other attempts to curb shareholder suits, fed the surge in business fraud during the bubble.
ECONOMIST: Face value