Is this guy for real? He played a critical role in building this financial mess along with the Republicans. He never spoke out against this growing problem and only helped feed it. Why anyone gives him an ounce of respect is beyond me but he ought to be publicly shamed for his actions and inactions.
Writing in the Financial Times, the former Fed chief said much of the financial system's risk-valuation models failed, not because they were too complex but because they were "too simple to capture the full array of variables governing that drive global economic reality."
"The crisis will leave many casualties. Particularly hard hit will be much of today's financial risk-valuation system," he wrote.
While insisting that current risk management models and econometric forecasting methods remain "soundly rooted in the real world," he said risk management can never be perfect.
Proving again that's he's a complete ass as well as first class idiot.
