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Absolutely - because those guys were capable of changing their minds when data forced them to.
by rootless2 on Sun May 6th, 2012 at 10:52:15 AM EST
[ Parent ]
The Russian experience with Messrs Summer, Rubin and Geithner argues otherwise. (Leaving Greenspan to one side, as you surely did not mean to include that Randian hack in your statement in the first place.)

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun May 6th, 2012 at 10:59:45 AM EST
[ Parent ]
Thanks - I did not mean to include Greenspan.

Even Clinton says derivatives dereg was a mistake.
http://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-deriv atives-and-i-was-wrong-to-take-it/

Even Rubin admits he was wrong although in his typically self-serving way
http://www.thedailybeast.com/newsweek/2009/12/28/getting-the-economy-back-on-track.html

While some people saw one or more of these factors, virtually no one involved in the financial system--whether institutions, investors, regulators, analysts, or commentators--recognized the breadth of forces at work or the possibility of a megacrisis, and this included the most experienced among us. More personally, I regret that I, too, didn't see the potential for such extreme conditions despite my many years involved in financial matters and my concern for market excesses.
by rootless2 on Sun May 6th, 2012 at 11:30:41 AM EST
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Perhaps I misremember the American constitution, but I was of the impression that Al Gore would no longer have been president by the time Mr. Rubin allowed data to change his mind...

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun May 6th, 2012 at 11:36:37 AM EST
[ Parent ]
second term would have ended Jan 2009.
by rootless2 on Sun May 6th, 2012 at 11:55:06 AM EST
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