Obama to nominate housing bubble idiot to the Fed:In the
news:
President Barack Obama on Thursday plans to name San Francisco Federal Reserve Bank President Janet Yellen to be vice chairman of the U.S. central bank and two others to fill Fed board vacancies, sources familiar with the process said on Wednesday.
Yellen in an October 2007 speech: (emp add)
Here in California, the rise and fall of house prices has been a lot like the nation's, only more so. In 2004 and 2005, many homeowners gleefully watched the meter tick up and up on their house values. I know I did.
By 2005, it was clear that a housing bubble was likely and by late 2007 -
when she made the speech - it was definitely crazytime with literally only months before the bubble popped.
posted by Quiddity at 4/29/2010 12:42:00 PM
That's totally out of context, and you don't even provide a link to the whole speech. I don't think she was saying it was a good or sustainable thing but was rather describing the mentality. As for her not realizing it at the time of the speech, the very next sentence is, "But since then, things have changed dramatically."
