Greenspan to Congress: “Oops, My Bad.”
October 24, 2008
Well he’s shocked, shocked I tell you. Quoth the Fed Chair who served under presidents and congresses of both parties, we’re suffering from a “once-in-a-century credit tsunami.” He explains his shockedatude by saying to the House Committee on Oversight and Government Reform: “That is precisely the reason I was shocked because I’d been going for 40 years or more with very considerable evidence that it was working exceptionally well.”
Mr. Greenspan seems oblivious to the following: there’s precisely a 40% chance of a once-in-a-century event happening within a given forty-year period. Would you stake the world economy on a financial policy that had a fifty percent chance of collapse over the next fifty years? What a twit.
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Well, nobody plays the lottery to win the $3 prize. Although, gambling with the GNP, now that is a serious gambler’s addiction.
[...] this makes the guy an evil bastard. What makes him asshat numero uno for all of 2008 was the statement he made to Congress that said, in essence, that he was shocked [...]