would any one person have been so wrong...

[acroyear]

Greenspan's "No Housing Bubble" Prediction: Five Years Later:

"Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels.... Although we certainly cannot rule out home price declines, especially in some local markets, these declines, were they to occur, likely would not have substantial macroeconomic implications."

Cringely makes an even better point:

We can spend all day beating up Greenspan for a huge mistake five years ago, but a more constructive approach would be for us to learn from this experience and apply those lessons to Greenspan's replacement, Ben Bernanke.

We should ask him regularly the question nobody every asked Maestro Greenspan: "Why should we believe you?"