posted on Aug, 28 2005 @ 02:21 PM
JACKSON HOLE, Wyo., Aug. 26 -- Federal Reserve Chairman Alan Greenspan warned Friday that recent gains in U.S. home prices, stock values and
other forms of wealth may be temporary and could easily erode if long-term interest rates rise.
Households and businesses have been able to spend more by transforming houses, stock and other assets into cash, he noted. But Americans should not
assume that such good times will roll on forever.
Hope you aren't paying your mortage based on interest rates alone or you might end up paying thrice what you are now if this thing(bubble) happens.
Remember that it was the real estate market which lead to the Great Depression.
Also, Greenspan yet has no successor.