During a subcommittee hearing today, Senator Paul was able to question Treasury Secretary Timothy Geithner on the "wisdom" of central bankers determining interest rates instead of market forces. He asked Geithner what he thought caused the housing bubble, and not-so-subtly-hinted that the NYFed and the FOMC played a role. http://www.youtube.com/watch?v=yqLfwyCTIyc
As an aside, here's an article from 2004, where staff at the NYFed argued there was no housing bubble.
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