I am in the state of shock and disbelief over Greenspan's state of shock and disbelief.
This is the problem: the people, he thought, would safe guard the system could live in relative comfort - 7 live times over - even if the system recesses by 50%.
The scenario could be a lot different, if the people that safe guard the system should stand to lose their wealth (along with their heads) if the system recesses by 10%.
It is all about incentives.
Saturday, October 25, 2008
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