The Fed's Fight to Kick Inflation's Butte

low interest rates enabled serial refinancing and every time a homeowner was like kind of running out of money he just got to tap into that well. somebody to buy a house was also risk-free because you had full faith in credit the US government but those super low mortgage rates pushed up home prices. Nobody really appreciates how much downward pressure we're going to be getting on the economy from rising interest rates, says Alan Greenspan.