[bhouston]

I think that this was relatively not known as a major risk far in advance otherwise more traders would have gotten rich. Michael Burry only started to short the market in late 2005, four months before Greenspan's term ended.

It is hard to ask Greenspan to have super natural powers of foresight beyond just about everyone else.

[asveikau]

This phrase was very popular for a good many years, popularized by Greenspan iirc: https://en.wikipedia.org/wiki/Irrational_exuberance

It described the dotcom bubble, but I seem to recall people were applying it to the 2000s housing market too. Tldr it was not a totally uncommon opinion during either of these bubbles to say there was a bubble going on.

[close04]

> It is hard to ask Greenspan to have super natural powers of foresight beyond just about everyone else.

From a person in his position the baseline is "more foresight than just about everyone else". That's why they get the big bucks.

If you build something grand on wooden legs and massive debt for the next guy to deal with, or drive into a failure mode even if that's not super obvious, it's not high praise.

[GuinansEyebrows]

hmm, an argument against expertise is not something i expect to see often on hackernews :)