How ironic that Gimpei’s erstwhile ally, Brad de Long, has turned on him. Or at least, so I think. He does seem to be saying in a Project Syndicate piece that he and a few other people thought a real-estate bubble might the only way out of the mire. The idea was they could pop the bubble when danger had passed, before the bubble got too big itself. Again, it’s not as if Delong, or Krugman, liked the idea. But they thought it was the least worst option at the time.