I heard Alan Greenspan on Sixty Minutes tonight. You remember him right? The former Federal Reserve Chief. The one who set the interest rates for the economy. After the terrorist attacks he lowered the rates to one percent or so. Well the mortgage companies were still charging 4-5 percent. This was a huge spread for these companies. They were making a fortune. This also led to increasing home prices. People were using their homes as ATM's. The good times would last forever. Well guess what, they didn't. People's income didn't keep pace with rising home prices. I believe everyone is to blame because they just won't make politically unpopular decisions. I also believe they won't make the correct decisions now. I also believe we will get out of this mess and move on. I bet others have an opinion.
This entry hasn't been re-blogged:
Re-Blogged By Re-Blogged At
Generate More Leads from this Listing
With a Trulia Pro Account
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!