Four days ago, Alan Greenspan posted an article wondering what went wrong:
“We will never have a perfect model of risk”
“Risk management systems – and the models at their core – were supposed to guard against outsized losses. How did we go so wrong?”
Hey Alan! Check your spam folder for 2006. You will find it is full of ads saying:
“Buy the house of your dreams for no money down! No credit? Bad credit? No Income? No Problem!”
Gimme some of what he’s been smoking.