Friday, January 21, 2011

Duncan Black's Memory


Brad DeLong confesses, among other things,

"1. I thought that the highly leveraged banks had control over their risks. [skip]"

Duncan Black claims to have known better than DeLong

"I certainly didn't believe in #s 1, 3, or 5, though I probably thought them to be more true than I do now."

However Black has admitted that he believed number 1. He has forgotten that past belief and the confession. I was googling for a post which I vaguely remembered and didn't find it but I did find this

"I didn't know that financial institutions were making such leveraged bets on big shitpile."

I had given up on googling then had the idea of including "didn't know" in the search that narrowed things down to 36 hits as Dr Black uses the phrase very rarely.

I am having some fun (for myself and no one else I guess) at his expense, but I must note that I found searching his years old archives time consuming, because I kept learning things I didn't know before. for example.

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