tag:blogger.com,1999:blog-53246864840716464.post6748880430527617242..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: "Never Even a Whisper" at Fed's Open Market Committee MeetingsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-53246864840716464.post-69320635561587065232010-04-13T14:26:48.953-07:002010-04-13T14:26:48.953-07:00"It is important to recognize that the extrac..."It is important to recognize that the extraction of equity from homes has been a significant support to consumption during a period when other asset prices were declining sharply. Were it not for this phenomenon, economic activity would have been notably weaker in the wake of the decline in the value of household financial assets." [Alan Greenspan, 11/13/02 testimony to Congress, quoted in <i>Greenspan's Bubbles</i>, by Bill Fleckenstein, p 140]Anonymousnoreply@blogger.com