“[There are] signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”

— Alan Greenspan

July 2005 http://www.startribune.com/nation/12598281.html, in testimony to the House Financial Services Committee.
2000s

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Alan Greenspan 51

13th Chairman of the Federal Reserve in the United States 1926

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“That said, there can be little doubt that exceptionally low interest rates on ten-year Treasury notes, and hence on home mortgages, have been a major factor in the recent surge of homebuilding and home turnover, and especially in the steep climb in home prices. Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”

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Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

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“Is precisely in market dealings that market prices are formed for all kinds of goods and services, which will be taken as the bases of calculation. Where there is no free market, there is no pricing mechanism; without a pricing mechanism, there is no economic calculation.”

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“Your God still walks in Eden, between the ancient trees,
Where Youth and Love go wading through pools of primroses.
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“A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.”

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“It is because prices are stable, and are perceived by agents to be in equilibrium, that the task facing market institutions is less daunting in this respect. However, market institutions may still have many other functions, such as providing information regarding quality and the location of potential buyers and sellers, and regulating both the product and the entrants to the market. In fact, a crucial function may be more subtle; by ordering trade under the aegis of some institution, the price and quality of the product may be legitimized at its given level. There is a kind of stamp of institutional approval which may contribute in a powerful manner to the emergence of price norms…..”

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“When a man offers to sell you something at less than its market price, it is a pretty good sign that you are about to be swindled.”

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“While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

October 19, 2004 http://www.federalreserve.gov/boarddocs/speeches/2004/20041019/default.htm, playing down the threat of a national housing bubble.
2000s

“[There are] signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”

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Alan Greenspan 51

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