Thursday, August 14, 2008

Abolish the Fed!

Alan Greenspan came out today and called his 4th or 5th bottom. Why should we belive him or anyone else at the Fed? This is what Greeny said in 2006:

Former Federal Reserve Chairman Alan Greenspan said the "worst may well be
over" for the U.S. housing industry that's suffering its worst downturn in
more than a decade. I suspect that we are coming to the end of this
downtrend, as applications for new mortgages, the most important series, have
flattened out." - October 2006

Lets flashback to what the head housing cheerleader at the Fed(who worked for the NAR and MBA) said in 2006 in Time Magazine:

"My view is that the run-up of home prices has been driven by the fundamentals,"
says Dick Peach, an economist with the Federal Reserve Bank of New York. He
figures we'll have a soft landing"

Don't believe the liars and crooks at the Fed!

1 comment:

Anonymous said...

Abolish the Fed. Great idea. Would be nice to see.