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Greenspan says he didn't know what was happening.

Really, when the only reason it was happening was the easy credit. Why wouldn't he know about that?

Oh yeah, and the billions floating around in the spending on a "war on terror"? All those billions spent had to go somewhere.

Higher real estate didn't seem like a likely outcome at the time, did it? Even though prices were going up, affordability was dropping and financial oversight was vanishing? A trend that continued for around 5-6 years before the fed started to raise rates.