by Calculated Risk on 8/14/2008 06:25:00 PM

From Paul Krugman: Greenspan: not a mensch

Click on graph for larger image in new window.

This graph shows the MBA Purchase Index as of when Greenspan claimed this was flattening out. On a long term scale, I didn't see any significant "flattening out".

And how could Greenspan think this was "the most important series"? That was absurd and is probably why Greenspan was consistently wrong on housing.