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Raghuram Rajan of the University of Chicago, told the 2005 annual Jackson Hole gathering of central bankers economists and finance professionals, that he thought the world had become much riskier with the changes in financial markets in the 18 year Greenspan tenure. He was received rather coldly by others, including former Treasury Secretary Summers. Concerns expressed by Grantham, Rodriguez and Scheiff about these and other problems became louder by the time of the Rajan paper at Jackson Hole.
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
The Doomsayers Who Got It Right
Wall Street Journal 01/02/2009
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