10-28-2012, 04:05 AM
I guess we've come a long way since President Roosevelt measured the economy by counting "the number of freight cars on trains".
On the other hand this little exchange I thought less comforting:
"You add that your own experience witnessing the crisis of 2007 from the AIG FP trading floor gave you a different perspective, but you don’t get into much detail. Can you tell us more about it?
"Witnessing a bank run as an eyewitness gives one a gut feeling for the size and power of the event. One has the feeling that the tidal wave is so big that there is nothing that can be done, and that even if one had known beforehand that the crisis was coming there is nothing that could have been done. Things happen so fast and they are so large that it felt like the economy was coming to end. We have already forgotten this feeling."
On the other hand this little exchange I thought less comforting:
"You add that your own experience witnessing the crisis of 2007 from the AIG FP trading floor gave you a different perspective, but you don’t get into much detail. Can you tell us more about it?
"Witnessing a bank run as an eyewitness gives one a gut feeling for the size and power of the event. One has the feeling that the tidal wave is so big that there is nothing that can be done, and that even if one had known beforehand that the crisis was coming there is nothing that could have been done. Things happen so fast and they are so large that it felt like the economy was coming to end. We have already forgotten this feeling."