Snowballs in Hell Alert...
I've been saying exactly this for weeks now.
His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.
But that there's Greenspan. Seems Dr. Ponzi, the man who started, ignored, denied, then feigned surprise at this housing bubble, has finally gotten some religion.
Not enough, however. He predicts a housing bottom in early 2009, then goes on to say prices could keep drifting down from there. WTH do you mean by bottom then, Al?