…er…. then again…. listen to Ben Bernanke, current chairman of the Federal Reserve…. and we have this guy forcasting on our economy now?
Q. “So tell me, what is the worst case scenario, if in fact we were to see prices come down substantially across the country? ”
A. “I don’t buy your premise. It is a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis. I’m confident in the fact that the bank regulators will pay close attention to the kinds of loans that are being made, making sure that underwriting is being done right… I do think this is mostly a localized problem and not something that impacts the national economy.”A vid of his ‘hits’ where he REALLY nails it on the Auto Industry among other things….
SIGH!
H/T: The Jawa Report
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