Vanc Housing “People Are a Little Screwy”

Posted by Canadian Housing Price Charts

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“We really can’t forecast all that well. We pretend that we can but we can’t. 

And markets do really weird things sometimes because they react to the way people behave, and sometimes people are a little screwy.” 

Alan Greenspan, speaking to Jon Stewart (at 6.20min) on The Daily Show. More quotes from this interview (paraphrased):

  • The banks did not fully understand the risks out there.
  • We analysts thought the actors would be rational.
  • We couldnt believe their (bank’s) leverage.
  • You cannot tell which are the toxic assets.
  • Let banks suffer the consequences, don’t let them default.

Alan Greenspan was Chairman of the U.S. Federal Reserve from August 1987 to January 2006. Vancouver has been screwy since the spring of 2005 when commodity markets launched bringing other physical and paper assets along for the ride as private sector investors and government managers abandoned fundamentals.

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More from Canadian Housing Price Charts:

“Blackstone Group LP (BX), builder of the biggest single-family rental home business in the U.S. is using its experience to replicate the model in Spain where property prices have dropped 40 percent.”

….read Spanish Inquisition