Failure of Imagination

| April 8, 2010


Back when 'hope' meant tax cuts and 'change' meant deregulation.


"I don't think anybody could have predicted ... that they would try to use an airplane as a missile...had this president known a plane would be used as a missile, he would have acted on it." - Condoleezza Rice, 2002

August 6, 2001: Bin Laden determined to strike in US

. . .

"I don't think anyone anticipated the breach of the levees." - George W. Bush, 2005.

White House Got Early Warning on Katrina

Why the Levee Broke

. . .

"We all misjudged the risks involved...Everybody missed it -- academia, the Federal Reserve, all regulators". - Alan Greenspan, 2010.

I Saw the Crisis Coming. Why Didn’t the Fed?  

BUT...NO ONE COULD HAVE PREDICTED THAT THE MARKETS WOULD FAIL.



They obviously had an alternative interpretation of the word 'save'.