The only cities that had major bubbles and have already seen them fully erased in the U.S. are Phoenix, Las Vegas and Atlanta.

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The Fed then popped the asset bubbles that it had created (there was a big one in commodities, too) by allowing gold prices to plunge by 22% between February 2008 and October 2008.

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Had I more quickly removed the air bubbles and administered the drug at exactly 4 a.m.

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If America's Fed had done this and worried a bit more about bubbles, the world might not be in such a mess.

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If their central goal had been a steady value for the buck, those bubbles would never have reached the sizes they did, and volatility in the financial markets would have been only a fraction of what it is today.

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Consider that during this 42-year period we had wars, financial and energy crises, technology and real estate bubbles, and of course periods of high market volatility.

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They've had a real estate bubble, you should always try to pop bubbles and you should always try to kill inflation, so I admire what they're doing.

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The bursting of the commodities and housing bubbles would not have threatened the very existence of our financial system had it not been for the perversity of mark-to-market accounting rules.

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The past couple of years have demonstrated that the use of monetary policy had its costs too, not in consumer inflation but in rising debt levels and growing asset bubbles.

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