Those pesky savers

According to a report from the Washington Post and The Columbus Dispatch, the genesis of the housing market bubble was global wealth; not excess meaningless paper, but true wealth.

So the bubble was not caused by the FED, the bubble occurred because a “a growing amount of savings, particularly in developing countries, fueled an investment bubble.” But wait, wasn’t the savings just excess meaningless paper printed by our old friends the FED? Hmmm.