Is the Fed to Blame for Asset Bubbles?

It's becoming clear that asset bubbles, not goods and services inflation has been the biggest bane of the economy over the last 20 years. The cycle of boom and bust seems to be becoming a fixture. Fox Business has published an interesting aritcle entitled: Is the Fed to Blame for Asset Bubbles. The most interesting part of the article is the graph below which examined the last housing run in relation to interest rates. I love these kinds of charts.

The article also consists of a number of financial luminaries weighing in whether the Fed is to blame.