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Back in 2001, New York Times Keynesian econonomist and columnist Paul Krugman called for just such a housing bubble when he suggested the Fed keep interest rates low. During the jittery aftermath of the 9/11 terrorsit attacks, he wrote "Meanwhile, economic policy should encourage other spending to offset the temporary slump in business investment. Low interest rates, which promote spending on housing and other durable goods, are the main answer." Later in 2005, he wrote

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Economic Renegade

But no sooner had Ron Paul gotten his dues than Barack Obama was sworn into office with some very different ideas on economic policy and massive sitmulus spending that involved Paul's old nemesis John Maynard Keynes. Paul maintains that Keynes never died and that his ideas permeated both parties. Indeed, Republican John McCain stated "the nation needs a stimulus bill", just not the same one Obama promoted. NPR reported

Right now, a lot ...

Ron Paul ultimately lost the Republican Primary to John McCain. But neither he nor his supporters had given up. On June 10, 2008 the Campaign for Liberty was formed with Ron Paul's support for the purpose of spreading the the word of a Constitutionally limited government with free markets. On September 2 of the same year, the Campaign for Liberty organized and held the Rally for the Republic, an event that shadowed the 2008 Republican National Convention where John McCain and Sarah Palin were ...

"Then everything changed. The housing bubble burst, banks stopped lending, and the Federal Reserve became an object of contempt. It was the world Ron Paul had prophesied, and he had a seductive story to tell about why it had happened—the Austrian [free market economics] story... It does not seem at all far-fetched to think that Paul could have a much greater impact on the race than last time. The Republican primaries are sure to be about economic and size-of-government issues."

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