Housing

A graph of house prices-to-rental ratio from Barry Ritholtz.

In a related housing note, Paul Krugman laments about Greenspan:

I once described Alan Greenspan as being

like a man who suggests leaving the barn door ajar, and then – after the horse is gone – delivers a lecture on the importance of keeping your animals properly locked up.

I was talking about Greenspan’s support for the Bush tax cuts, followed by his lectures on fiscal responsibility.

But it also applies to what he’s saying now about the subprime crisis.

Indeed. (It is amazing how much I enjoy Krugman the blogger and Slate columnist and how much I disdain Krugman’s NYT columns.)