I know sometimes I get hung up on the past...but it has irked me like nothing else to hear professionals and so-called experts say that the mortgage crisis is "contained". These folks knew or should have known how bad this crisis was (and if they didn't know, they weren't really doing their jobs right). So it was refreshing to see this statement from today's Bloomberg article: "Fed officials, who said all year that the housing slump was contained, have acknowledged the downturn will extend further than they anticipated."
Finally a bit of truth.
Just three days ago, this quote from the Fed: "Recent data on actual housing-market activity have dampened my optimism'' about a bottoming-out in the industry, Richmond Fed President Jeffrey Lacker said on Aug. 21. Tighter credit conditions "could further dampen residential investment,'' he added."
It's not that anyone should take pleasure in a down market (although it does present some great opportunities for creative thinkers and doers). But it's also nice to see these folks come to their senses publicly.
The Bloomberg article referenced above is here: http://www.bloomberg.com/apps/news?pid=20601087&sid=aLdFv9P6imE8&refer=home
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