john b. taylorwho you all know, probably, and he's a professor at stanford. and he has, he has -- a monetary economist and very, very well respected. i've talked to him at length about this subject, and he a agrees, at least he agreed with me, that the bubble was initially begun by the government's housing policies. that they create -- the housing policies created the huge growth in housing values, housing prices up through 2003. it was between 2003 and five, he argues, that the fed's activities did accelerate the bubble that was already created. so i think i'm going to rest in the shadow of john b. taylor here and say that i don't have any better opinion than that. i do think that what happened was that the bubble was begun by housing policy, created much more demand for housing. it, the bubble grew to a very large size by 2003. john b. taylor then picks up at that point and argues that that's when the acceleration occurred as a result of the fed's lower interest rates. um, i think i'll stick with

so i will rest in the shadow of john b. taylor that i don't have any better opinion than that. but happens the bubble began by housing policy creating much more demand and it grew to a large size by 2003 into their picks up at that point* to argue that is in the acceleration occurs with the fed interest-rate. i will stick with that. without the housing problem created by the government housing policy, we never would have been in a position with the fed lower interest rates through 2005 would cause any kind of financial crisis. also what john touched on was the importance of dodd/frank as legislation that takes over an industry. the book covers this, people have not noticed this is like obamacare. the same thing was done this industry left in private hands the shareholders are still in charge, but so heavily regulated it is a war of the government. these two major provisions both have the same characteristics and hester peirce referred to the biggest issue and i believe and that is true. that is what creates the greatest danger. not in my talk but a lot of time in the book. four

housing policy, created much more demand for housing, the bubble grew to very large size by 2003, john b. taylor picked up at that point and argues that that is when the acceleration occurred as a result of the fed's lower interest rates. i think i will stick with that. my view is without the housing problem that was created by the government's housing policy we would not ever have been in a position where the lower interest rates between 2003 conlan 2005 would have caused any kind of financial crisis. ones thing i would like to mention that john touched on, the importance of dodd-frank, legislation that takes over an industry, the book covers this but people have not noticed this is very much like obamacare. obamacare, the same thing was done and that is the industry is left in private hands. the shareholders were still in charge theoretically but the industry is so heavily regulated that it has become basically a ward of the government's. these two major provisions were passed under the obama administration both have the same characteristics. hester pierce talked-about the biggest issue, i bel