“[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. <br class="br">2000s

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Alan Greenspan51

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

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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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“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. <br class="br">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 Greenspan51

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