Greenies herculean efforts could not prevent the housing bubble….
Greenspan: Housing Bubble Was Unavoidable
The Federal Reserve tried to curb the explosive growth in the U.S. housing sector under Alan Greenspan’s tenure, but each time it tried to raise long-term interest rates it failed, the former Fed chief said.
“In 2004 we tried to raise mortgage rates by moving the 10-year Treasury note up and we failed,” Greenspan told CNBC, adding that the Fed failed again in 2005 and would have failed had it tried in 2002.
