I'm So Proud
This from the wayback machine seems priceless, given the news:
More recently, instruments that are more complex and less transparent--such as credit default swaps, collateralized debt obligations, and credit-linked noteshave been developed and their use has grown very rapidly in recent years. The result? Improved credit-risk management together with more and better risk-management tools appear to have significantly reduced loan concentrations in telecommunications and, indeed, other areas and the associated stress on banks and other financial institutions.
Remarks by Federal Reserve Board Chairman Alan Greenspan
Before the Council on Foreign Relations, Washington, D.C.
November 19, 2002