is different than easily predictable.

You should know in this country, the higher you are in an organization, the lesser culpability. The wise guys who lost million for their firms simply moved onto a different WS firm and start securitizing assets again.

Past failure is all due to external factos that no one could see.

Selective memory! This is the man who in 2005 was sitting up front as a commentator on Raghuram Rajan's famous warning and [http://www.federalreserve.gov/boarddocs/speeches/2005/20050827/default.htm]dismissed[/http://www.federalreserve.gov/boarddocs/speeches/2005/20050827/default.htm] it.

"Everybody — but certainly the regulators and the markets — became complacent about the housing market and whether housing prices could ever decline across a broad front.”

What Don is saying, IMO, is " we were asleep on guard duty, not our fault. It was late at night, and we were ordered to do it."

Well, how else will the guy get by after we cut Social Security?

Anyone who has followed Kohn's speeches wouldn't be surprised. He is among the worst of all FED governors.

The BOG's actual record is horrific: Greenspan never "tightened" monetary policy towards the end of his term. Despite raising the FFR 17 times, Greenspan maintained an extremely "loose" money policy, i.e., for the last 41 consecutive months of his term.

Bernanke didn't initiate an more expansive monetary policy when Bear Sterns 2 hedge funds collapsed. Instead, Beranke initiated "credit easing" while continuing with his 25 consecutive months of policy "tightening" that began in Feb 2006 (29 before the revision). Instead Bernanke waited until Lehman Brothers failed. Bernanke drove this country into a deep depression by himself.

And he's on the cusp of doing it in the 4th qtr.