Comment by krainboltgreene

I can’t help but be reminded of Greenspan’s remarks on the housing market in 2006 while reading this comment:

    While he was chairman of the central bank through January 2006, Greenspan always denied there was a 
    bubble in the nationwide U.S. real estate market, 
    saying only that a certain number of metropolitan real estate markets could 
    see declines in home values because of a localized run-up in prices. That view of any real estate bubble as 
    a merely a local phenomenon is a condition he 
    termed as "froth" in congressional testimony in 2005, as well as in subsequent comments.