Jan Hatzius Quotes
We do believe that the U.S. housing market is a bubble in the sense that its contribution to consumer spending is unsustainable. Households have used a large share of the recent home equity gains to supplement their spending. When these gains dry up, as they ultimately must, spending is likely to weaken substantially. 
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Housing | Market | Bubble | Sense | Contribution |
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The chairman now sounds notably more worried than previously that house prices have risen too much and that the downturn could have a severe effect on the U.S. economy.
- Jan Hatzius
