About statement by Lawrence Lindsey, a former Fed governor and Bush adviser
The textbook that Mr. Lindsey is of course referring to is the one that was written after the Great Depression. The one that says, if we are ever dumb enough to create another asset bubble like the one that preceded the Great Depression, let's inject enough money and credit into the system to make the magnitude of the bust much smaller than the magnitude of the boom.
That's where the textbook ends ... that's where we are today.
Tim Iacono, July 06, 2005

The developing pattern of discussion about monetary policy is eerily reminiscent of the early stages of the discussion about the housing bubble, which seemed to progress through three stages:

1. Lots of talk about whether or not a problem exists
2. General acceptance that there really is a problem
3. Predicting how unpleasant things might get

While the housing bubble discussion is now clearly entering stage three, discussion of monetary policy seems to have entered phase one.

Lindsey statement in "Greenspan's Legacy at Stake"
Greg Ip, Staff Reporter of The Wall Street Journal, June 9, 2005

Rolf Englund: Perhaps there are some textbooks about Japan that might be useful?