Your account's overdrawn  The only problem with the above is that Gilder wrote it in 1981, and about the housing boom during Jimmy Carter’s presidency when the Fed was raising interest rates at great speed. It’s widely assumed that ‘easy’ money drove a U.S. housing boom, but then basic economics tells us that artificially low rates don’t constitute easy money. Greenspan’s numerous critics add that low rates were aided by Fannie Mae, Freddie Mac, the Community Reinvestment Act and mortgage interest deductions, and while all of them are an abomination, it must be remembered that the housing boom was global in nature, and occurred in places where rates were much higher, where Fannie/Freddie didn’t exist, where there are no mortgage interest deductions, and where a home loan is frequently very difficult to attain. Greenspan himself has pointed all of this out, but his voice has been drowned out by an often emotional echo chamber.