Tuesday, September 18, 2007

Greenspan on the housing bubble runup

"While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late."  "I really didn’t get it until very late in 2005 and 2006."

WTF, Greenspan? You were handing out bales of cash to anything that had a pulse. That money had to go somewhere.  Inflation of the consumer price index showed that it wasn't being widely and evenly distributed to everyone.  Ergo, the money was either being put on a shelf somewhere, or a few specific markets had to be massively inflating.


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