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The smart Phd economists at the Fed are actively trying to find new models to use which better reflect things other than the macroeconomic approach they have traditionally used. The Fed completely blew it in 2007-2008. They had no idea what was about to happen. Greenspan claims he did not see it coming and “only five people knew what was about to happen. I have never figured out if that is just his way of covering up his own incompetence at failing to see the greatest economic event in seventy years, or if he really believes it. The fact is it is nonsense.

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