Robert Shiller Pushes Fed as Stability Regulator

'In short, I don't agree with this mission creep by the Fed becoming official. First, as Shiller implies, the Fed has been moving in that direction, thanks to Alan Greenspan. Greenspan also de-emphasized the Fed's role as financial regulator, resorted to bubble inducing negative real interest rates to combat what would likely have been a garden variety recession, and though adjustable rate mortgages were entirely a good thing.'