BILL FLECKENSTEIN IS A PROPHET!

This is what he wrote about our real estate bubble in 2004:

Don't take mortgage advice from Alan Greenspan


The Fed boss says homeowners should switch to adjustable-rate loans and save the difference. His record is full of dangerous moments like this when hes been way, way off.

By Bill Fleckenstein
3/1/2004

So the most irresponsible central banker in the history of the world created the biggest bubble in the history of the world, which had disastrous consequences for the stock market and the economy. In order to ameliorate that, he has created bubble-like conditions and absurd financing schemes in real estate. Meanwhile, we've seen an enormous concentration of risk develop inside the financial system: We are down to just a handful of big banks and government-sponsored entities that are using his other favorite toy, derivatives, to theoretically manage away all their risks.