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Oh how the housing mess has brought down the both the little folks and the high and mighty.
Alan Greenspan got his comeuppance on the witness stand in front of the House Committee on Oversight and Government Reform today, finally admitting he had relied too much on the free market to police itself during the housing bubble.
Eighteen years as Fed chief, Greenspan will go down not as the “maestro” he was once called but as the guy who kept rates too low and encouraged all kinds of exotic mortgage and investment products.
This one detail from the Congressional hearings today, courtesy of Bloomberg News, says a lot.
“(Committee Chairman Henry) Waxman and other lawmakers repeatedly interrupted Greenspan as he answered their questions, in contrast to deference to his testimony while he was Fed chairman.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.