Flying Blind: Inside the Federal Reserve’s Damning 2006 Transcript – Derek Thompson – Business – The Atlantic

17 Jan

“The problem was not a lack of information,” Binyamin Appelbaum writes in the New York Times. “It was a lack of comprehension, born in part of their deep confidence in economic forecasting models that turned out to be broken.” It was total systemic failure, from 2006 into 2008, to diagnose a crisis and act to stop it, based partly on overconfidence that, in the economy, we had built an unstallable machine — that the plane could, quite certainly, fly itself.

via Flying Blind: Inside the Federal Reserve’s Damning 2006 Transcript – Derek Thompson – Business – The Atlantic.

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