The first Greenspan and Kennedy paper (*), published in 2005 provides figures about equity extraction in the US over the 1990 to 2005 period. In the first diagram, the numbers for cash-out extracted at the occasion of refinancing are shown along origination of Home Equity Loans and Lines of Credit. There is no essential difference…

Poor Mr. Greenspan: can’t open his mouth without giving investors the heebie-jeebies!
He promised he would be quiet, just like his predecessor Mr. Volcker was about monetary policy when he himself took over. Even when he only whispers, people pay a lot, a lot of attention, and go into a frenzy of wanting to…