"Housing has barely started its crash. Prices won't bottom out until 2008 or 2009."
Given the comparison between your supporting reasons (none), and Greenspan's--I'll go with Greenspan.
The US economy performed very well during his tenure...and his successor seems to be following similar policies. It has absorbed 9/11/2001, two wars, Katrina, recent slowdowns in housing and autos; yet continues to grow.
The real estate market is local, as well as regional and national. If a particular locale or region is bottoming out in 2008 or 2009 it will be due more to local factors, than to national ones.
If I'm wrong and you are right, we will have more problems with our economy than just housing. Therefore I expect the Fed to keep interest rates as low as possible, and that was a big factor giving the strength of the economy under Greenspan.
Besides, low interest rates are GOOD just like low taxes are GOOD.
He also incinerated the dollar. The Euro is now $1.30 or so. It was less than $1.00 when he started trashing the dollar.
You're right that no one knows for sure when housing will bottom out, but its absurd to say that prices are on their way up. Just look at inventories, the amount of ARM's that will reset over the next two years, and the house price to income ratios, which are at totally unsustainable levels. We haven't seen anything yet.