Sunday, October 26, 2008

quotes of the day...

mood: bewilderment
sometimes, psychology (wishful thinking, denial, cognitive bias, blind spots, ideology, ...) is stronger than intelligence.

alan greenspan's comments on the financial/economic crisis:

I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works, so to speak.

That's precisely the reason I was shocked because I was going for forty years or more with very considerable evidence that it was working exceptionally well.

those of us who have looked to the self-interest of lending institutions to protect shareholders equity, myself especially, are in a state of shocked disbelief.


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