busting the doomsdayers myths by the rba, page-29

Glen and pals are as infallible as all other government officials..

Bernanke: There's No Housing Bubble to Go Bust
Fed Nominee Has Said 'Cooling' Won't Hurt

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005

Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.

U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee. But these increases, he said, "largely reflect strong economic fundamentals," such as strong growth in jobs, incomes and the number of new households.

http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html



And now he has created trillions of dollars from thin air. He makes David Copperfield look like an amateur.