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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (73167)	10/29/2006 11:14:32 PM
From: CalculatedRisk	Respond to of 110194

Bursting Bubble Blues, by Paul Krugman, Housing Bust, Commentary, NY Times: select.nytimes.com Excerpts at Economist's View: economistsview.typepad.com Here are the five stages of housing grief: 1. Housing bubble? What housing bubble? “A national severe price distortion [in housing] seems most unlikely in the United States.” (Alan Greenspan, October 2004) 2. “There’s a little froth in this market,” but “we don’t perceive that there is a national bubble.” (Alan Greenspan, May 2005) 3. Housing is slumping, but “despite what you hear from some of the Eeyores in the analytical community, a recession is not visible on the horizon.” (Richard Fisher, president of the Federal Reserve Bank of Dallas, August 2006) 4. Well, that was a lousy quarter, but “I feel good about the U.S. economy, I really do.” (Henry Paulson, the Treasury secretary, last Friday) 5. Insert expletive here. <MORE>