Credit where credit is due.

Aside from the ol’ “Bushism” moment here (not to mention the cellphone “gotcha” moment), does this help shed light on anything? I still remember Paul Krguman’s 2005 citing of PIMCO’s Paul McCulley, who had predicted that the fed would replace the stock market bubble with a housing bubble (through drastic rate cuts). That sounds like a plausible theory– so I’m still curious what supporters and detractors of the President make of that.