Sunday, April 4, 2010

Meet a "Statistical Illusion"

Iris Mack emails a link to an NYT Op-Ed from Michael J Burry, who made a fortune selling short sub-prime mortgages.

In the Op-Ed, which is an important read, he points out that his insights, that caused him to short the subprime sector, are being labeled  a “statistical illusion” by Alan Greenspan

Let me get this straight, somehow those like Greenspan and Greg Mankiw, who didn't see the subprime crash coming in the first place are now experts on why those who did see it were just statistical illusions?
Mack says because of Greenspan's comment she is not reading anymore news today since it is ruining her Easter.


  1. Only the intellectually and/or emotionally immature continue to allow the wool to be pulled over their eyes at this point.

  2. Greenspan has lost all credability and is simply pathetic

  3. Anyone connected to the financial industry who says, "No one saw this coming," is completely disingenuous. From the time of the 2007 mortgage crisis, it was clearly evident that the dominoes were falling back toward Wall Street. The Coudn't-see-it-coming crowd are flouting one of the biggest lies in American history.