[lbo-talk] looking back

[Doug Henwood]

With Fannie Mae and Freddie Mac on the verge of some sort of major  
government bailout, it's nice to recall what Alan Greenspan said four  
years ago:

<http://www.federalreserve.gov/boarddocs/speeches/2004/200405062/ 
default.htm>

"But a destabilizing contraction in nationwide house prices does not  
seem the most probable outcome. Indeed, nominal house prices in the  
aggregate have rarely fallen and certainly not by very much."