Greenspan's 2003-04 Rate Floor Still Divides Economists on Housing Bubble Blame

Alan Greenspan held the federal funds rate at 1% through 2003-04 following the dot-com bust and 9/11. Critics link that extended period of cheap borrowing to the housing bubble that collapsed in 2008. Economists remain split on whether the Fed's accommodation was a primary culprit or one factor among many. The debate matters: it shapes how central banks now weigh growth support against inflation and asset bubble risks.