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

Cupertino, Calif.

the epic and unfair taxpayer-financed bailouts. Now, in exchange for that extra year or two of consumer bliss we all enjoyed, our children and our children’s children will suffer terrible financial consequences.

It did not have to be this way. And at this point there is no reason to reflexively dismiss the analysis of those who foresaw the crisis. Mr. Greenspan should use his substantial intellect and unsurpassed knowledge of government to ascertain and explain exactly how he and other officials missed the boat. If the mistakes were properly outlined, that might both inform Congress’s efforts to improve financial regulation and help keep future Fed chairmen from making the same errors again.

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Michael J. Burry ran the hedge fund Scion Capital from 2000 until 2008.

With the exception of these final self serving statements the tale he tells is about what I saw and read. Calculated Risk had it all if you read. They were calling a collapse from 05. The absolute peak was August 06. It is all in the archives there. Krugman did not do as well but he also was well ahead of the curve.

I am not quick or attentive enough to play in this game. I only do ok.