Reply #2: I distinctly remember Greenspin... [View All]

[punpirate]

... thumping for ARMs, and his reason for doing so seemed very political--keep the bubble inflated before the 2004 elections. Since the real damage in the housing market doesn't surface for five to six quarters from the initial meltdown, he could be reasonably certain that all his cheerleading would get Bush re-elected and the shitstorm would come after his own departure from the scene.