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What foreign economists have to say
Just as there is “professional blindness”, foreign economists believe in “cultural blindness”, which hinders a correct diagnosis from those whithin the culture. So an outside opinion is always valuable, even if unpopular with local economists.

Negative Interest Rates. Many blame Alan Greenspan's low interest rates, as fuelling the ensuing real estate buble.

But then how low is “low” ? A former brazilian Undersecretary For Finance argues that ammerican economists make the mistake of not separating “low” interest rates from negative interest rates, a big diference.

Negative interest rates means that rather than you paying interest rates to the bank, the bank pays interest rates to you! The minus sign means a change in direction. So 2003 to 2005, homeowners who could spot negative rates picked up all the mortgages they could find. They would be saving 5% rent, plus receiving a 2% interest from the bank, ( and a 3% tax rebate), total of 10%, and that was that set off the housing bubble. When most american economists argue that it was greed, the case here argues it was a generous monetary policy and tax incentive that caused the mortgage buble.