

Wrong Tomorrow  - prakash
http://idlewords.com/2009/04/wrong_tomorrow.htm

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noonespecial
_None to my knowledge has said "wow, I really got blindsided by this thing -
maybe I should STFU". This strikes me as somewhat distasteful._

Nicely said! I'm betting however that the people who would know enough to say
such a thing now, knew enough to keep their yaps more or less shut back then
too. Most of the people smart enough to warn us, knew they were uncertain
enough that they probably shouldn't.

~~~
jibiki
What about Greenspan?

~~~
noonespecial
Greenspan did admit publicly that although he knew a crisis of sorts was
coming, he didn't expect it to be so huge and systemic as it was. I think he
said that if he had thought that it'd be this bad, he'd have done more to try
to stop it.

So yes. His humility was very refreshing. Its a shame there weren't many more
like him.

Edit: Here's a good link.

<http://online.wsj.com/article/SB122476545437862295.html>

~~~
biohacker42
But aren't you also struck by his naivete? His sincere belief that all these
huge entities would protect the shareholders. The people in charge with
performance based compensation which at the same time has no downside from too
much risk, would protect the shareholders?

How was it not obvious to him, the chairman of the federal reserve, that this
is guaranteed to go exactly as it has.

He had a front row seat at the LTCM fiasco, and apparently didn't learn much
from it.

