"There was virtually nobody who saw that low-probability event as a possibility."
Makes sense if the internet is populated with virtual nobodys...
Note how he was brought into Citi to ramp up risk-taking and 1) blames lower executives for poor execution; 2) claims none of this could have been predicted.
And this guy is well-placed among Obama's economic advisors. Cthulhu help us. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
By now I think we can with certainty say that they are either idiots, liars or completedly isolated from anything outside their bubbles. And now they are in Obamas government.
Ah, well:
