Greenspan on "the current financial crisis in the US"

[Corydoras]

http://www.ft.com/cms/s/0/edbdbcf6-f360-11dc-b6bc-0000779fd2ac.html

Maybe I'm misunderstanding it, but I read it as one long, elaborate shrug to the effect of, "We're not smart enough to control these things."

The essential problem is that our models – both risk models and econometric models – as complex as they have become, are still too simple to capture the full array of governing variables that drive global economic reality.