So let’s see, initially Jeff stated “this whole thing started when Uncle Alan (Greenspan)…lowered the overnight rate to 1.0% over a short period of time…known in the financial community as the Greenspan Put…(And when) Uncle Alan saw that his ‘Put’ had done its job…he (realized that if he) didn’t start raising rates, he could have a major inflation problem on his hands. So he set up his successor (Uncle Ben to)…tak(e) the heat (by) raising the overnight rate in consecutive meetings all the way (back)…up to 5.25%!”

Now Jeff seems to have back pedeled stating he “do(es) NOT point the blame gun @ Alan Greenspan for the mess we are in” but rather, “weaknesses in standard underwriting criteria” which encouraged “folks (with)…poor credit scores, poor credit profiles, recent BKs, low cash reserves…eternal renters and low performing homeowners that had no business buying homes in the first place” to become homeowners.

This was the point a number of us made in response to Jeff’s post. So now that we’re all on the same page, welcome aboard Jeff!

On another note, do you suppose you can help Derrick purchase Diane’s “deal of the day” by financing his “low ball” offer of $900K? I’m sure Derrick’s not one of those “eternal renters (nor) low performing homeowners that have no business buying homes in the first place” given his recent savvy scores in the stock market selling home builder stocks short.