Thursday, December 17, 2009


From Time (hat tip CR):
TIME: Do you have a mortgage?
Bernanke: Oh, yes, we refinanced. (...) We had to do it because we had an adjustable rate mortgage and it exploded, so we had to.
Bernanke is one of the smartest person in the world. But when it comes to forecasting, he just doesn't get it - he doesn't get the big picture, or the smaller pictures for that matter.

1 comment:

  1. It goes to show how clueless and complacent nearly everyone was regarding the building bubble. Even the Fed chairman found himself on the wrong side of that ARM. So many of my colleagues - drawing 6 figure salaries - did the same thing.