Fed Chairman's Housing Comments Refuted on New NAHB Blog
NAHB Chief Economist David Seiders refuted recent claims by Federal Reserve Chairman Alan Greenspan that the current housing boom was one of America’s major “economic imbalances.”
NAHB recently launched new housing economics blog, "Seiders on Housing."
Seiders countered Greenspan’s remarks, saying that “for years, home sales and housing production have powered both GDP and job growth, and house price increases have created large amounts of wealth for America's home owners ― fueling consumer spending in the process.”
"The housing sector has been the brightest star in the economic skies and that star is still shining," Seiders said.
NAHB launched the blog, “Seiders on Housing,” earlier this month. "Seiders on Housing" is an informal Internet-based discussion forum dealing with topical economic issues, housing trends, survey research and other topics affecting the housing sector of the economy.
In the blog, Seiders noted that Greenspan had blamed "the housing boom for everything from a low national savings rate to a burgeoning trade deficit, and he obviously wants the boom to end before long."
"Everything considered," Seiders countered, "housing has been responsible for as much as half of U.S. economic growth in an era when other components of the economy have turned in lackluster performances."
NAHB members and the general public can participate in the forum and have an opportunity to communicate with NAHB’s chief economist on a regular basis by logging onto the blog.
The "Seiders on Housing" blog can be found on the NAHB Web site in the “Housing’s Economic Impact” section, or at http://nahbblog.blogs.com.
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