I came across this yesterday, and didn't know whether to laugh or cry after reading it... But here you go, and you can make your own call on Alan Greenspan’s comments in the 2002 FNMA Annual Report:

"When you measure the level of new (housing) construction ... what you find is that it is barely in excess of the aggregate increase in occupied households or household formation." The current data, he said, "suggest that we don’t have a demand for housing which could all of a sudden slip." He went on to say, "We are effectively not building up a glut of excess housing. Under those conditions, one would presume that even though we have been having some fairly strong gains in home prices, it is our conclusion ... that it is unlikely that we are confronting a housing bubble."

OK... Now... Longtime readers know that I was banging on Big Al Greenspan all the way back in 2000, and have actually never stopped, especially after reading William Fleckenstein's book and William Rutherford's book on Big Al... I completely blame him for the tech stock bubble, and I completely blame him for the housing bubble that created the mess we're in today...

I have run on for a long time now... But this is IMPORTANT STUFF! Because if this gets shoved under the door and we have to accept it, I'm going to have to sit down and write a letter to my darling granddaughter, Delaney Grace, and explain to her how the freedoms her grandparents, and to a lesser degree her mom and dad, enjoyed were stripped away one by one, and why her life may not be as pleasant as ours have been. How we were blessed by growing up in a country where the Constitution was still followed, and the country was free of debt, which kept tax rates at "livable levels"...

Time to go... Sorry for the deep thoughts today, but this stuff really gets me going... I hope your day is a Tub Thumpin' Thursday!

Chuck Butler
President
EverBank World Markets
1-800-926-4922
1-314-647-3837
www.everbank.com
PFENNIG DISCLOSURE

Halfway to perpetual debt, perpetually higher taxes, along with a continuously comprimised quality of life, except of course, for the "banking elite" and their "political brethern" ("whores" all in the oppinion of Jim Willy!) where no doubt everybody, when all is said and done, will be paid off very generously on the backs of the humbled and soon to be poorer taxpayer, who before this "package" surfaced was already faced with unparalleled personal and public debt!

Deceit running at an alltime high when the yea side has included as a plank in their new and improved version of "the pacxkage," lower TAXES!

Am I missing something?

RUF