The fact housing was something of a bubble was not hidden. A lot of people, including me, have been saying that the country has been spending more than it's been producing and that can't go on indefinitely, and that will have to come to an end. And the question is, does it come to an end with a bang or whimper? And we're testing that proposition.

The former Chairman of the Federal Reserve reflects on the current credit meltdown as compared to the Latin America debt crisis of 1982 in a Wall Street Journal interview (subscription required)

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