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>>Bernanke starts a new blog and explains why interest rates are low.
>>As a sidebar, Bernanke says that the Fed had nothing to do with the real rates being low, it's the darned savings glut from Asia.

Bernanke spouting off wisdom may be an indication the bubble is about to burst <-:)

Helicopter Ben testimony before the Joint Economic Committee, U.S. Congress on March 28, 2007:

Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear. The ongoing tightening of lending standards, although an appropriate market response, will reduce somewhat the effective demand for housing, and foreclosed properties will add to the inventories of unsold homes. At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
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