Fed should have spoken out on housing bubble

The Federal Reserve should have done more to alert American consumers to the bubble in the real estate market, Robert Shiller, an economics professor at Yale, said in an exclusive interview with Central Banking, published on Thursday.

"The Council of Economic Advisors [which advises the US President on economic issues] and the Fed showed no recognition of the bubble at all. In fact, they openly denied that there was any problem at all," said Shiller, widely recognised as one of the leading au