One economist raised a point at that Dec. 13 during a meeting of the Federal Open Makret Committee that could have brought home the case that the Fed had let the housing market spin out of control.
"I offer one more piece of evidence that I think almost surely suggests that the end is near in this sector. While channel-surfing the other night, to the annoyance of my otherwise very patient wife, I came across a new television series on the Discovery Channel entitled 'Flip That House,'" economist David Stockton said, prompting a roomful of laughter according to the transcript. "As far as I could tell, the gist of the show was that with some spackling, a few strategically placed azaleas and access to a bank, you too could tap into the great real-estate wealth machine. It was enough to put even the most ardent believer in market efficiency into existential crisis. [Laughter]"
http://www.huffingtonpost.com/2011/01/14/fed-economist-greenspan-flip-that-house_n_809138.html
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