“We are now well into the contraction period and so far we have not had any major, significant spillover effects on the American economy from the contraction in housing,” he said.
“…well into the contraction period…”
Based on WHAT?
“…[no] major, significant spillover effects…”
Right, like Subprime lenders going down daily, housing starts declining, mortgage company layoffs, or sales down at National Hardware retailers. (info from Home Channel News – Lowes down 11.5%, Depot down 28%)
He was a politcal tool as Chairman, he’s a political tool in retirement.
