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Housing prices started to go up.Federal Reserve chairman
Alan Greenspan warned a
recession coming, later on,
was possible.Alan Greenspan's
comment triggered
a stock market sell-off.The Federal Reserve
Bank of St. Louis
president William
Poole said that the
Fed expected that the
economy would grow
at a 3% rate that year
and saw no reason for
the stock market
decrease.Stock markets rebounded.The housing decrease
had led to the financial
industry.Feds ignore warning
signs of oncoming
recession.The Federal Reserve
suggests that federal
agencies should
encourage leaders
to work out a loan
agreement rather
than to foreclose.
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