Tuesday, March 30, 2010
Greenspan: 100 • Geithner: 40 • Dimon: 7 • Johnson: Economic Crises Happen Every 5 Years In Our Current System
Greenspan says that the financial crisis was caused by a once-in-100-year event.
Tim Geithner says its more like once every 40 years.
Jamie Dimon implies every 5-7 years.
But Simon Johnson says its really once every 5 years:
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Would the American people stand for the lack of any real reform if they knew that the financial system will likely melt down again within the next 5 years?
2 comments:
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I tend to agree with Dimon and Johnson that a financial calmity occurs between 5 to 7 years but the calamity is for the retail investor who gets hurt the most. IMHO, the big one where the banks and the big institutions, who orchestrated this house of cards, get hurt is usually around 100 years.
ReplyDeleteThe crisis melt down happens when it happens. You can not have a melt to the bottom until the can (debt)you are kicking down the road hits an enclosed 4 corner wall.
ReplyDeleteSo 100,40,7,5,----we have kicked the can down to 5 yrs--we are running into the enclosed 4 corner wall.