Andy

October 29, 2013

Never Saw It Coming

"Not my fault and who's the asshole that said all the exuberance was irrational?" http://www.foreignaffairs.com/articles/140161/alan-greenspan/never-saw-it-coming

Never Saw It Coming

The former chair of the U.S. Federal Reserve asks how so many experts- including him- failed to see the 2008 financial crisis approaching. An important part of the answer to that question is a very old idea: Keynesian "animal spirits-" the irrational elements of decisionmaking that have been left ou…