“NEW YORK (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Thursday that the “extraordinary” boom in the U.S. housing market in recent years is over.

“This has been quite an extraordinary boom,” Greenspan told a Bond Market Association dinner in New York. “The boom is over. I think we can safely say that with a strong degree of confidence.”

Greenspan said there was a “high degree of froth in the system,” and that it was clear that home equity extraction and the turnover of home sales was waning.”

And where did the “froth” come from, Mr. Greenspan? Didn’t someone panic and cut interest rates to 1%, hugely negative real rates, causing a borrowing spree that drove the “boom”. So, Mr. Greenspan, what happens in the “bust” that follows the “boom”? While you are smugly collecting those $125,000 speaking fees, most of the American families who trusted you to maintain monetary discipline and good judgment will be financially devastated.