On Oct 23, 2008, at 1:21 PM, Sandwichman wrote:
"Greenspan said that he had found 'a flaw in the model that I
perceived is the critical functioning structure that defines how the
world works.'"
Gosh. A flaw? Who would have guessed?
"But a destabilizing contraction in nationwide house prices does not
seem the most probable outcome. Indeed, nominal house prices in the
aggregate have rarely fallen and certainly not by very much."
Alan Greenspan, May 6, 2004
<http://www.federalreserve.gov/boarddocs/speeches/2004/200405062/default.htm
>
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