Thursday, October 23, 2008

Greenspan says he was wrong

Just got a snippet of live testimony of Greenspan in front of US Congress on BBC. He said that there is a basic flaw in the model of the world that he has used for the last 40 years. It is a very profound statement and is probably a big setback for the entire Republican establishment. I am looking forward to read the entire testimony tomorrow.

I think one should feel privileged just to be living today. All the obscure philosophies of the past few centuries are going to get a new life as people try to figure out the best way to organize man and machines. The longer the crises, the more incentive there will be to change the entire system. So while materially we will all end up poor - whether you put money in cash/stocks/real estate you will end up worse two years down than today - we are entering a very different period philosophically. By a quirk of fate, it is possible Obama is the best guy to lead US at this time.

No comments: