And the Chairman Droned On
Larry Kudlow could be seen jizzing his drawers on CNBC today following Alan Greenspan's unseemly reversion to the Ayn Rand discipleship of his youth. Greenspan's paean to the beauty of the free market came during a television address to a gathering of the National Association of Business Economics.
The Chairman also employed his dreary monotone to warn, ""History cautions that extended periods of low concern about credit risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets." Um, fucking duh?
Speaking of that, sales of new homes fell 9.9 percent last month, but prices still managed to rise by 2.5 percent from July. Interesting data points for bubble trackers, especially when combined with yesterday's report of a surge in existing home sales for the same period.