"Lately, that seems to be the message coming from current and past Fed officials regarding the housing and credit boom in the early-to-mid 2000s. First Ben Bernanke, then Vincent Reinhart, and now Janet Yellen have come out saying it was excess savings by foreigners and failings in the U.S. private sector that was the root cause of the boom. No blame is assigned to the Fed. They ask how could the Fed have created a liquidity glut that drove down world interest rates and sparked off a global housing boom?" Read more. "Fed Officials Past and Present: 'They Did It'" David Beckworth Seeking Alpha, March 7, 2011. Image by scottchan / FreeDigitalPhotos.net.