What is the role of the Fed with respect to asset price bubbles?

Latest News and Financial Information | Reuters.comThere is always a debate as to the role of the Fed when it comes to asset "bubbles." For instance, the Fed was criticized by many after the internet bubble. What is the correct role? Hands off? Active interventionist?Fed Governor Edward Gramlich gave his view to a "conference hosted at Princeton University." His view? Basically hands off:"You've