By flooding the market with cheap credit, Alan Greenspan pushed interest rates (including mortgage rates) down to artificially low levels. This caused the bubble in house prices and misallocated too many real resources to the housing sector.
The Mises Institute exists to set the record straight. Economics shouldn’t be left to “experts” with Ivy League degrees serving in government agencies. It exposes the schemes of ambitious politicians and would-be tyrants everywhere.
If the hallmark of conventional economics is unrealistic models, the hallmark of Austrian economics is a profound appreciation of the price system. Prices provide us with critical information about the relative scarcity of goods and services.