Bloggers Wanted
We're looking for people to help with the main blog. If you are consistent, knowledgeable and you're into it, please drop me a note.
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Questar
 Junior Boarder
Posts: 28 
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NEW YORK (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Thursday that the 'extraordinary' boom in the U.S. housing market in recent years is over.
'This has been quite an extraordinary boom,' Greenspan told a Bond Market Association dinner in New York. 'The boom is over. I think we can safely say that with a strong degree of confidence.'
Greenspan said there was a 'high degree of froth in the system,' and that it was clear that home equity extraction and the turnover of home sales was waning.
He said it wasn't clear how this will impact the notoriously resilient U.S. consumer.
Similarly, the former Fed chief said it was too soon to say how the latest rise in energy prices will impact consumer spending or feed through to inflation. He noted that up to now profits for firms outside the financial and energy sectors have not been hurt by higher energy costs.
[more] <http://go.reuters.com/newsArticle.jhtml?type=topNews&
storyID=12260722...>
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Alexlevitraoo
 Junior Boarder
Posts: 25
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Now rates are rising and they're rising fast. The low interest rates caused inflation. The only thing booming is the 'debt' caused by the tax cut Bush and Greenspan supported.
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