Ghost of Igloi wrote:
It must be different this time since a President and two Federal Reserve Chairmen of the past were very wrong and awful on timing:
“No Congress of the United States ever assembled, on surveying the State of the Union, has met with a more pleasant prospect than that which appears at the present time.â€
- Calvin Coolidge, December 4, 1928
“There can be little argument that the American economy as it stands at the beginning of a new century has never exhibited so remarkable a prosperity for at least the majority of Americans.â€
- Alan Greenspan, January 30, 2000
“We believe the effect of the troubles in the subprime sector on the broader housing market will be limited and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.â€
- Ben Bernanke, May 17, 2007
2 out of 3 ain't bad.