The financial idiocracy

Keep in mind that this woman is widely considered to be the most credible candidate to succeed Ben Bernanke at the Federal Reserve:

“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.

I was publicly warning about the dangerous risks facing the global
financial system from 2002 to the spring of 2008. And it wasn’t even my
job to pay attention to those things.  I see no chance, none, that these
maleducated academic idiots even posses the conceptual tools to
understand the current situation, let alone have the ability to do
anything about it.

It’s like watching monkeys try to
repair a space shuttle.  Which wouldn’t be so bad if we weren’t all out
in space inside the shuttle.

I used to wonder why people like this would take an impossible job knowing that they would likely be considered responsible for the incipient disaster. Now I realize that it’s not that they’re not totally indifferent to their historical legacy, they’re just completely clueless about the situation facing them.