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Fed President Charles Plosser Says Fed Is Helpless To Reverse Sharp Decline in House Prices

By Implode-Explode Heavy Industries

``"How do you use monetary policy to burst a bubble in Las Vegas real estate, where house prices were appreciating at a 45 percent annual rate by the end of 2004, without damaging the Detroit market, where prices were increasing at less than a 3 percent annual rate? Because monetary policy is such a blunt instrument, asking monetary policy to do what it cannot do, such as seeking to deliberately influence the evolution of asset prices, risks creating more instability, not less.''

Full post as published by Mortgage Lender Implode-o-Meter on January 17, 2011 (boomark / email).