More Bullsh*t from Greenspan
See the bold below. He is bullsh*tting. There were economists tracking and noting the problems in the US economy years before. (Schiff and others.)
Lying or stupid. These people go to the Ivy Leagues and you realize they run things and they are either stupid or con artists.
excerpt from link below:
Entire bullsh*t article is worth, browsing.
...."I've always considered myself more of a mathematician than a psychologist," says Mr. Greenspan. But after the Fed's model failed to predict the financial crisis, he realized that there is more to forecasting than numbers. "It all fell apart, in the sense that not a single major forecaster of note or institution caught it," he says. "The Federal Reserve has got the most elaborate econometric model, which incorporates all the newfangled models of how the world works?and it missed it completely."
He says JP Morgan had put out a forecast three days before the crisis saying the economy was on the rise. And as late as 2007, the International Monetary Fund also said that global risk was declining. "A few days [after the crisis hit], I run into an article, and it is titled, 'Do we economists know anything?' " he says.
Link to article: Alan Greenspan: Where the Economy Went Wrong - WSJ.com
Alan Greenspan: Where the Economy Went Wrong - WSJ.com