Michael Lehmann, Professor Emeritus of Economics:
"Federal authoritiess initiated the real-estate boom by depressing mortgage interst rates. Then they exacerbated conditions by refusing to adequately regulate mortgage lending practices. The result: An unprecedented and unsustainable increase in real-estate values, egged on by greed, skullduggery, and tomfoolery."
I am inclined to concur the above statement with my recollection of the name Greenspan. What do you think? Have a fine recollection and a good day!
Francis Shieh a.k.a. Xie Shihao sharing my instant thought with smart readers.
December 3, 2008 at 7.16 a.m.
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