Bubbles and pops

Quoted:

Comparing the early 2000s housing bubble to the 1990's pop:

"When this moral hazard is present, credit flows rapidly into inelastically supplied assets, such as real estate. Rapid appreciation is the result, until the inevitable albeit belated regulatory crackdown stops the flow of credit and leads to an asset-price crash."(then) FRB Gov. Bernanke Speech from 2002 on Deposit Insurance crises in 1990s

http://minneapolisfed.org/community/events/100407/strategies_brewster.pdf Page 11