Wednesday, 7 May 2008

Greenspan: Spain, Biggest Bubble Ever?

"The former chairman of the US Federal Reserve believes that Spain has a bigger real estate bubble than 'even America'. "

"'The real estate bubble is bigger than most European countries, even bigger than the one in the United States,' he explained. ' In that sense one would have to presume that there is more vulnerability.' "

"His prognosis comes as it emerged that at least one leading bank, Cajasol, is refusing to fund new constructions on rural land and in particular new golf course schemes in Spain."

There were told long that a bubble was clearly identified, still people kept on accumulating debt.
Local economist, and politicians didn't help. They were brainwashing people in telling them that everything was fine. I guess it was a technique to avoid a total panic...

Now the unemployment is rising fast and the economy is slowing sharply. Let just hope that the global econnomy doesn't slow further...


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