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Wednesday, April 7, 2010

Greenspan Says Congress Pushed Fed On Housing Boom

From Reuters

Greenspan Says Congress Pushed Fed On Housing Boom

WASHINGTON, April 7 (Reuters) - Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing out that Congress pushed the U.S. central bank to make sure lending to poorer Americans kept rising in the 2000s.

"If the Fed as a regulator had tried to thwart what everyone perceived as a fairly broad consensus that the trend was in the right direction, homeownership was rising and that was an unmitigated good, then Congress would have clamped down on us," he told a questioner at a congressionally appointed commission investigating the financial crisis.

"There's a presumption that the Federal Reserve's an independent agency, and it is up to a point, but we are a creature of the Congress and if ... we had said we're running into a bubble and we need to retrench, the Congress would say 'we haven't a clue what you're talking about'," Greenspan said.

Gee... and I thought it was all George Bush's fault?

Most of us that have worked in the Real Estate Industry have long known that The Congress was behind this 'housing crisis' all along. The constant demands from the left to make housing affordable to 'everyone' is what drove the so called 'housing boom'.

If you are looking for someone to blame, just check out the Congressional Democrat lounge... Pelosi, Frank, Reid... they were ALL in on this fiasco!

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