Back in 2004, Alan Greenspan thought that people would do well in converting their housing equity into new spending and that more flexible loan packages could allow more people to get into the housing market than before. As he said:
American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home.
3 comments:
Greenspan could have save us but of course Bush fired him. Now the puppet put in his place is just feeding lies to the public. Looks like the United States is going to need Greenspan back at his job. Notice who was in office when Clinton fixed the budget yes Greenspan. Bush replaced him so Halliburton could steal freely.
Yes I have been listening to this on news radio and from the sounds of it all, it will have a big dominio effect on the downward trend of the economy, hurting the middle class the worst.
Today's trivia question:
Who is coming to visit us in New York?
answer
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