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Ex-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 | 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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