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Alan Greenspan Can’t Escape His Role in the U.S. Housing Bubble
Back during the U.S. invasion of Iraq, when the U.S. government issued its now-famous deck of playing cards featuring pictures of the 52 arch villains of the Iraqi police state, Saddam Hussein’s face adorned the Ace of Spades. If the Barack Obama administration wanted to engage in a similar public relations campaign – this time with a focus on the U.S. real estate crisis – that top card should be reserved for former Federal Reserve Chairman Alan Greenspan.
In a speech before the National Association of Realtors last Tuesday, Sir Alan “the-bubble-blower” Greenspan claimed that his low-interest-rate policies in the early…
19May2009 | Money Morning | 1 comment | ContinuedWhy Fed Policies and Treasury Department Bailouts Will Lead to Inflation Rather Than Deflation
The U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) both fell in October. Those declines – combined with sharp downward spirals in worldwide stock and commodity prices – have caused many analysts, and even central bankers, to worry that we are on the brink of deflation.
Such concerns may be warranted in the short-term. But in the long run, deflation won’t be the challenge we face.
Thanks to an overly aggressive central bank, and more than $1.5 trillion in U.S. Treasury Department bailout programs – as well as other factors related to the ongoing global financial crisis – inflation…
3Dec2008 | Money Morning | 0 comments | ContinuedEx-Fed Chief Greenspan Changes His Tune and Blasts the Housing Bubble He Helped Create
The housing bubble was former U.S. Federal Reserve Chairman Alan Greenspan’s doing – plain and simple. He gave birth to it, nurtured it, protected it, and guided it during every stage of its development. In fact, if there were a deck of playing cards featuring the key players in this debacle, Alan Greenspan would be the ace of spades.
So, it was strange to hear Greenspan, in an interview last week on CNBC, cast his eyes upon the charred landscape that was once the national real estate market and offer high-minded criticisms of the obvious excesses and irrationalities that brought…
7Aug2008 | Money Morning | Comments Off | ContinuedHousing Prices: Why Greenspan Is Right About Real Estate Investments
I’ve disagreed with some of the things that former Fed Chairman Alan Greenspan has said and done over the years.
But what he said last week – that falling housing prices in America are “nowhere near the bottom” – you can take to the bank.
This may surprise some, especially since the national media just reported the single largest year-over-year drop in U.S. housing prices, May’s record 15.8% plunge.
But over the past several months, I’ve spent time looking at residential housing prices in cities large and small. I’ve been to areas that have held up relatively well, like Dallas, TX and Asheville,…
6Aug2008 | Investment U | Comments Off | ContinuedThe Magical Debt-Free Sweet Spot
There’s a house on my block
That’s abandoned and cold
Folks moved out of it a
Long time ago
And they took all their things
And they never came back
Looks like it’s haunted
With the windows all cracked
And everyone call it
The house, the house where
Nobody lives
Once it held laughter
Once it held dreams
Did they throw it away
Did they know what it means
Did someone’s heartbreak
Or did someone do somebody wrong?
– Tom Waits, “House Where Nobody Lives”
This just in… Bloomberg reports that Americans continue to fall further and further behind on their mortgage payments.
Unemployment is rising. And now, carpenters, plumbers and even granite countertop installers are getting jobs with…
2Jul2008 | Daily Reckoning | Comments Off | ContinuedComment on the Greenspan Era
This from the 5min Forecast:
P.S. “Greenspan blamed the era of low interest rates over which he presided,†Addison writes by e-mail this morning, “on the end of the Cold War and the fall of the Iron Curtain.†We didn’t get much more from him than that. He and the film crew for I.O.U.S.A. were in Washington, D.C., today getting some last-minute interviews for the film… including a sit-down with none other than Alan Greenspan. We’ll hear a lot more from Addison and Alan, I’m sure, when Addison returns tomorrow.
Hmmm…
The end of the Cold War? The fall of the Iron Curtain?…
10Jun2008 | Energy and Oil | Comments Off | Continued
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