The reason for asking is that the Washington Post is reporting that Greenspan believes the housing market is nowhere near the bottom. While I strongly agree with this assessment, it is worth pointing out to readers that Greenspan spent his tenure as Fed Chairman avidly denying the existence of a bubble in the housing market. Greenspan is certainly entitled to change his mind, but readers should realize that Greenspan has an abysmal record in assessing trends in the housing market, so they may want to weigh his views accordingly.
--Dean Baker
