OT- Choad, we do not need these wild swings. No the pain did not need to be there either way. What if the 2000 nas was a all time high with a steady climb from 1995. Everyone would have thought things were great. We would have been in our 25th year of an economic expansion. But, Greenspan thought it best to take to a nas 2000 with a visit to 5000 first. What an idiot!!! Look at all the problems and imbalances it has caused, not just here, about around the world.
Back in 1992, Harry Dent wrote a book called "the great boom ahead". In that book he predicted a 8500 dow by 2007. Everyone though that was great. Everyone would be more than pleased if we would have had a steady climb to that number by 2007. But, again Greenspan thought he would try to take us to 12,000 first.
I think we will see the same in home prices. We are at a level now that may be 30% higher than what they should be if we experienced slow and steady growth at a level nearer the rate of inflation.
Grenspan will go down in history as the worst Fed head ever. 50 years from now students of economics will look back on his rein and ponder what that moron must have been thinking.
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