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Why Do We Listen to this Man?

Posted on August 01, 2008

Former Fed Chief Alan Greenspan sent the stock market into a tailspin this week after declaring home prices were nowhere near the bottom. Just a month ago Greenspan said: The worst is over in the financial crisis or will be very soon. Keep in mind that this is also the guy who, during the mid-point of the housing bubble in 2004, declared: American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. That one sentence gave blessing to the wave of toxic mortgages the world is digging itself out from under today. I have ...

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housing , housing bubble