That said, however, the main reason why the housing bust seems to be much worse in the US than elsewhere is surely those ARMs – which, as Greenspan concedes, were a function of low short-term interest rates. They allowed many people to buy houses they couldn't afford, which in turn created a massive solvency crisis.Greenspan's reputation is trashed, as well it should be.
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A member of the Democratic wing of the Democratic party, and a fan of Bernie who thinks Neoliberal (DLC/New Dem) trickle down conomics sucks.Mechanical Engineer with a background in defense, electronics packaging, medical & food equipment, transportation, and manufacturing.
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