Greenspan to Congress: “Oops, My Bad.”

Well he’s shocked, shocked I tell you.  Quoth the Fed Chair who served under presidents and congresses of both parties, we’re suffering from a “once-in-a-century credit tsunami.”  He explains his shockedatude by saying to the House Committee on Oversight and Government Reform: “That is precisely the reason I was shocked because I’d been going for 40 years or more with very considerable evidence that it was working exceptionally well.”

Mr. Greenspan seems oblivious to the following: there’s precisely a 40% chance of a once-in-a-century event happening within a given forty-year period.  Would you stake the world economy on a financial policy that had a fifty percent chance of collapse over the next fifty years?  What a twit.