john haskell

Blame Realtors, Brokers and Bankers - Not Greenspan

this is pathetic. Did realtors start being greedy in 2002? Of course not. Did securitization start in '02? Of course not. Did investment bankers shift from long term thinking to short term thinking in '02? No again. But the housing bubble started in '02 and continued through until '05. Why? Because 02-05 was the period when the Fed had ridiculously low interest rates, thanks to "Uncle Al the Gambler's Pal."

Now you can blame other people for getting drunk, but it was Al who spiked the punch. And now that interest rates are non-zero, the housing bubble is over. QED.