All of the turmoil in the mortgage housing industry and the stock market was predicted as a concern of former Federal Chairman Alan Greenspan in testimony before Congress and in television and print interviews. He stated several times that stocks were “overvalued,” and that his concern was that the housing bubble would burst.

I’ve been following the stock market and interest rate volatility since the time of Paul Volcker, then Greenspan, now Bernake. I’ve seen the stock market Dow index go from 3,000 to 13,000, which may be about the same in inflation dollars. I’ve seen the brokers on Louis Rukeyser’s program appear now on Consuelo Mack’s program on PBS and CNBC.

My concern is that expressed by Mortimer Zuckerman, editor/publisher of U.S. News. China, India and Japan, which are financing the U.S. deficit and low-interest rates, own properties throughout our country. Now some are suggesting we bail out subprime lenders just as the U.S. government aided the savings and loan industry using taxpayers’ money.

Joanna Walsh-Ward, Lewiston