Shocked disbelief

http://www.reuters.com/article/GCA-CreditCrisis/idUSTRE49M58W20081023

I am amazed that Greenspan is shocked at the breakdown in the credit markets. As well as amazed at all the economists who were insisting it wasn't a recession and insisting it wasn't going to get so bad and it would recover.

Friends and I have been discussing this for years, as we watched gas prices, as we watched prices in general, as we saw minuscule 'cost of living' increases that didn't keep up with the real cost of living increase, as we watched our credit interest rates steadily go up.

One year, I had my interest rates raised from 16.9% to 25.9%. Not because of a late payment. But because they said they were raising the interest rates to the current market standards and they refused to put the rates back. In fact this was the start of my own issues, as up until this point, I was making steady progress in getting out of debt. As everything shot up, I was then only able to make minimums and not get ahead anymore.

So, a group of people with no special education in economics other than what we saw in the news and read in the papers were able to predict what has happened this past year while so many of the trained economists and the so-called experts kept denying it and insisting it wasn't a recession and insisting it wasn't going to get this bad and insisting it
would recover more quickly than it has.

What is the problem with this picture? Ultimately, I have no faith or trust in economists and experts anymore.

Oh and I liked when he said,"We aren't smart enough to know what happened", anyone know his net worth?

Soooo many of the economists and experts were busy using their knowledge to get rich before it all came crashing down... They didn't want people to know until they had made their millions/billions or gotten their piece of the new power structure.

Greed is rampant in all levels... Wall Street, main street, government, and on our street.