Greenspan: One more person avoiding the blame
Add one more prominent name to the list of people who don’t accept blame for the nation’s residential real estate slump: Alan Greenspan.
Yes the former chairman of the U.S. Federal Reserve earlier this week went on record — do a Google search and you’ll see the news stories — denying that the low interest rates during his time in office had anything to do with the eventual popping of the U.S. housing bubble.
Is Greenspan right? Partially. But I also remember dire warnings thoughout Greenspan’s tenure that the housing bubble was going to pop, and pop hard. At the time, a whole host of financial experts, including many employed by the National Association of Realtors, denied such a thing. Turns out, of course, that the bubble proponents were right.
Now, I’m not sure what Greenspan could have done to prevent the housing bubble from popping. Housing prices rose too quickly, too fast. The sizzling market of 2001 through 2006 was too unrealistic to last.
I do know, though, that Greenspan became a kind of rock star of the financial world during his time in office. It’s too bad, though, that he didn’t find the time to do more to at least lessen the blow from the inevitable real estate slump.
Tags: Alan Greenspan, housing bubble, housing slumpRelated Stories
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