The bubble that popped in 2007/8 was a debt bubble created since around 87. BB inherited it, but also played a role in creating it as a Fed board member. As I said above the correct response to deleveraging is to allow it, but put in place policies to quickly shift money from speculation or sidelines into the productive economy. That unfortunately could not be done by BB, but requires the politicians to eliminate long term capital gains tax (at least temporarily) to bring money from old investements into new ones.
Another thing I suggested here last fall was printing money, not for QE, but just to counteract the credit deflation. What could have been done was a large but short inflation shock. What is bad about inflation is when it is anticipated and never ending. But past inflation is not nearly as bad. You wake up one morning and the dollar is worth less (not worthless), but the Fed also promises that it was a one-time event so there is no anticipatory inflation spiral.
I can't have prevent last year's market crash and this year's economic fallout from the crash unless I go back to 1987 and stop the boom/bust cycles (some would argue going back to the 1970's or 1930's or earlier).
He can't force anybody to buy Treasuries.
because what those 30 buyers (along with most 10 year buyers) expect to do is sell their bonds long before then (like in a month or two) to a greater fool, namely the Fed.
Now he's to blame for that? LOL!
Please, 10 year yields are up about 1.5% since December. That's a bubble?
Another thing I suggested here last fall was printing money, not for QE, but just to counteract the credit deflation.
And you'd put the money where?