Greenspan on The Housing Bust
Here are reported comments made Thursday night by former Federal Reserve Chairman Alan Greenspan. Speaking to a group of economists in Washington D.C., Greenspan compared current market behavior, to conditions that preceded several of the biggest stock market crashes of the past century.
Greenspan stated “the behavior in what we are observing in the last seven weeks is identical in many respects to what we saw in 1998, what we saw in the stock-market crash of 1987, I suspect what we saw in the land-boom collapse of 1837 and certainly [the bank panic of] 1907.
Greenspan is reported to have told the economists that “the expansion phase of the economy is quite different, and fear as a driver, which is going on today, is far more potent than euphoria.”
Also, Greenspan stated “euphoria-lead economic bubbles can not be remedied by Fed interest rate hikes.” [tags] interest rates,housing market,real estate market,housing bubble,real estate bubble[/tags] San Diego California real estate agents
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How do you hedge in the market against falling house prices?
Bill
San Francisco Law
We have excessive real wealth that is burnt away by the finance industries in sucking real good money after worthless assets. Energy, Commodities hit so high that pull the carpet from under everyone’s feet.
heather
San Diego County Lasik Doctors
OK America Business & Politicians…..its time for you idiots to get out of the way of those who have real answers to save the economy. You idiots have been in power too long. You don’t know what you’re doing trying to save those stupid banks and mortgage companies. You’ve screw the American public oput of their equity in their homes, that which was driving this economy. Theat was the “ATM†of the consumer. Let OBAMA and his team come on the field and shut down that stupid war, and put plans in place to put America back to work.
Christina
SD California Cosmetic Surgery