Daniel Gross:

Did the Federal Reserve cut interest rates sharply in the early years of this decade with the express intent of causing a housing bubble and enticing Americans to borrow recklessly? Possibly. But you don’t have to be a wing-nut supply-sider to believe that the global macroeconomic situation in 2001-2 — benign inflation in the United States, legitimate fears of deflation, and China’s mercantilist purchase of American government bonds and mortgage-backed securities — helped create a situation in which low interest rates made sense.

Not sure what Gross is talking about here with that “wing-nut supply-sider” reference. I don’t believe that supply-siders as a group, or extreme supply-siders as a group, believed any such thing about monetary policy in 2001-2.