It’s Time to Take a Piercing Look at Housing Bubble Reports
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GEORGE M. DEMELLO
is senior vice president residential lending for Bank of Canton www.ibankcanton.com), which has offices in Canton, Brookline, Quincy, Randolph and Hyannis. Established in 1835, Bank of Canton is a state-chartered mutual savings bank. |
By George M. DeMello
In December 1996, then-Chairman of the Federal Reserve Alan Greenspan delivered a speech before the American Enterprise Institute. These words became his most famous observation on the booming securities market: “[B]ut how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions? We, as central bankers, need to be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.”
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