(A meditation inspired by Alan Greenspan's sententious warning against financial regulation.) Mileposts: Oct. 2004: "Overall, while local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States" June 2005: "Although we certainly cannot rule out home price declines, especially in some local markets, these declines, were they to occur, likely would not have substantial macroeconomic implications." And let's not forget this classic call: October 2006: "I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,"
(A meditation inspired by Alan Greenspan's sententious warning against financial regulation.)
Mileposts:
Oct. 2004: "Overall, while local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States"
June 2005: "Although we certainly cannot rule out home price declines, especially in some local markets, these declines, were they to occur, likely would not have substantial macroeconomic implications."
And let's not forget this classic call:
October 2006: "I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,"
