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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (37946)	8/4/2008 8:04:36 PM
From: Robin Plunder	Read Replies (1) \| Respond to of 219671

"To: dybdahl who wrote (37938) 8/4/2008 3:15:06 PM From: elmatador of 37957 “If that becomes widespread, globalisation could reverse, at awesome cost,” he says. The former Fed chairman says this financial crisis is a “once or twice a century event deeply rooted in fears of insolvency of major financial institutions”. Highlighting the examples of Northern Rock in the UK and Bear Stearns in the US, he says: “There may be numbers of banks and other financial institutions that, at the edge of defaulting, will end up being bailed out by governments.” Mr Greenspan says this “insolvency crisis” will end only when home prices in the US begin to stabilise. He says that “later this year” suppressed housing starts will feed through into a significant decline in home completions, allowing for a “rapid rate of liquidation of the inventory glut”. But this “assumes that current levels of demand for housing hold up”." I used to respect Greenspan, years ago, now he seems so out of touch with reality it is really amazing that anyone listens to him. ...his lack of ownership of this problem is simply astounding. Robin