主题：【原创】再战江湖（3）没头脑和不高兴，还有鲍莫尔的病 -- 万里风中虎

你以为格林斯潘，萨默斯，鲍威尔，巴菲特，还有高盛的那帮老家伙们不知道

Greenspan recent said (not word-by-word): I did notice there is fundamental risk mispricing in 2005-2006, we will need a big adjustment to correct the risk mispricing.

Hank/Tim: warned President G.W.Bush on the risk of OTC derivatives in 2006 as soon as Hank sweared in as the Treasury Secretary.

Wall Street bet on risk shifting through the insurance industry. And the insurance industry (esp., monoline insurance firms as well as other financial insurance firms) mispriced risk BY A HUGE margin in 2003-2006.

Big investment banks downplayed the risk mispricing issue for years, even between late 2006 and summer 2007.