Dr. Housing Bubble 08/14/08

Olympic Gold Medal: Greenspan Tells us Housing will Bottom in 2008. Meantime Foreclosure Filings hit Historical Record.

What may be more amazing than one Olympian swimming for 8 gold medals is the continued revisionist delusion of our former Federal Reserve chairman Alan Greenspan. Greenspan in typical revisionist fashion, is now stating publicly that the government should have allowed Fannie Mae and Freddie Mac shareholders to be wiped out while breaking up the GSEs into 5 or 10 different units. Thanks for raising your voice now after the fact! He is a master of covering his tracks and you need to remember that he was a champion in pushing and cheerleading adjustable rate mortgages which have now become the step child and shame of the housing market.

Amazingly Greenspan is saying the right things in certain respects yet this is only to cover his silence during the actual bailing out of Bear Stearns and also, Fannie Mae and Freddie Mac through the Housing and Economic Recovery Act of 2008 otherwise known as the Crony Capitalism Bill. Here is what he had to say this week:

“(Reuters) They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted… as five or 10 individual privately held units,” which the government would eventually auction off to private investors, Greenspan said in an interview with the Journal.”

http://www.doctorhousingbubble.com/olympic-gold-medal-greenspan-tells-us-housing-will-bottom-in-2008-meantime-foreclosure-filings-hit-historical-record/

Much less advice on something complicated.

got a raise. It's only through the books by Ravi Batra and a couple of others that we know what an enemy of the American people he has always been.

I don't know how the evil old bastard sleeps at night.