What is the argument against the use of autonomous tightening of monet

What is the argument against the use of autonomous tightening of monetary policy in response to a credit-driven asset-price bubble?

What will be an ideal response?

ANSWER

Though a bubble may have begun with an abundance of credit seeking a profitable use, restricting credit is unlikely to dampen enthusiasm for assets that are “known” to be profitable. Indeed, a tightening of credit may impact only those who do not yet possess the lucrative bubble assets and enhance the rewards for those who do. Thus, the credit tightening ensures that the “patient” (the economy) is thoroughly weakened before the “medicine” of financial discipline takes effect.