Sip on Ideas, Digest Infinite Possibilities
Our economic and market principles were very different from most others, which accounted for our different results. As former Fed chairman Alan Greenspan put it, “The models failed at a time when we needed them most . . . JP Morgan had the American economy accelerating three days before [the Lehman Brothers’ collapse]—their model failed. The Fed model failed. The IMF model failed . . . So that left me asking myself: What happened?