“For my own part,” Ms. Yellen said, “I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.” Her startled interviewers noted that almost none of the officials who testified had offered a similar acknowledgment of an almost universal failure.
Economist and likely future chairperson of the Federal Reserve Board Janet Yellen shows the key rationality trait of being able to admit you were wrong.
Alternatively, she thought that kind of a lie would be well received. It’s a widely used social skill to admit you were wrong even though you think you weren’t.
Why would she claim she hadn’t seen it coming, when it would be have been much more to her benefit if she had claimed that she had seen the crisis coming?
Well, I know nothing of her role in what happened, but what you’re suggesting is much harder to sell if her past actions and statements contradict it, which I assume is the case here.
Lots of people benefitted from the crisis and the events that preceded it.
Economist and likely future chairperson of the Federal Reserve Board Janet Yellen shows the key rationality trait of being able to admit you were wrong.
Alternatively, she thought that kind of a lie would be well received. It’s a widely used social skill to admit you were wrong even though you think you weren’t.
Why would she claim she hadn’t seen it coming, when it would be have been much more to her benefit if she had claimed that she had seen the crisis coming?
That claim a) begs the question of why she didn’t say something at the time, or short the stock market, and b) is somewhat cliched anyway.
I think you nailed it.
Well, I know nothing of her role in what happened, but what you’re suggesting is much harder to sell if her past actions and statements contradict it, which I assume is the case here.
Lots of people benefitted from the crisis and the events that preceded it.