Longer essays may also contain an introductory page that defines words and phrases of the essay's topic. Most academic institutions require that all substantial facts, quotations, and other porting material in an essay be referenced in a bibliography or works cited page at the end of the text. This scholarly convention helps others (whether teachers or fellow scholars) to understand the basis of facts and quotations the author uses to support the essay's argument and helps readers evaluate to what extent the argument is supported by evidence, and to evaluate the quality of that evidence. The academic essay tests the student's ability to present their thoughts in an organized way and is designed to test their intellectual capabilities.
Now imagine a potential bubble that only the Fed sees. Imagine if Chairman Greenspan declared war on housing prices in 2004, when many Americans were enjoying homeownership for the first time. I suspect many Americans, members of Congress, homebuilders, realtors, banks (and many others) would have been outraged that the Fed was depriving people of participating in the American dream for a problem that they didn’t believe was real. Imagine if the Fed decided to raise rates to prevent housing prices from climbing. Given how painful the Great Recession was, this may have in fact been a better choice than what the Fed actually did, which was basically nothing. But I have doubts about whether the Fed could have maintained the policy long enough for it to have the desired effect before the American people rejected it. 1 At a minimum, the Fed would have had to work very hard to try to convince the public that the housing bubble was real and a danger. It can be very hard for a sole regulator to stand up against a national belief that home prices only go up and say: “We know better than all of you.” But that doesn’t mean we shouldn’t try.
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