Famous Last Words
JPMorgan CEO Jamie Dimon had some reasuring words this morning. "The direct impact of a Greek default [on US banks] is almost zero," he said.
Hmm. Where have I heard similar language?
Oh, yes. Alan Greenspan before the last financial crisis: "I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged."