Greenspan Passes the Buck - The American Spectator | USA News and Politics
Greenspan Passes the Buck
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Writing in the WSJ, Alan Greenspan argues that the Fed did not cause the housing bubble because the historically low mortgage rates that triggered the boom were not a result of Fed rate cuts, but of changes in the global economy. It’s worth noting that during the height of the housing boom, Greenspan denied that a national housing bubble was possible. Here’s what he had to say at an October 19, 2004 speech at America’s Community Banker’s Annual Convention:

Overall, while local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

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