Posted by Sten Westgard, MSAlan Greenspan gave some instantly notorious testimony to the US Congress recently:“I was right 70 percent of the time, but I was wrong 30 percent of the
time,” I'm not sure what was more concerning; the fact that he admitted that almost a third of the time he was wrong, or that he clearly believes that being right only 70% of the time was acceptable. Clearly, for a man once called "The Oracle" and Maestro, he was lowering the bar on the standards for judging him.Testimony like that raises some instant questions:
If Alan Greenspan was responsible for setting the direction of the
world's greatest economy, is a 30% error rate acceptable?
If Alan Greenspan was an airline, would you fly him?
If Alan Greenspan was a core laboratory test, would you buy the instrument?
If Alan Greenspan was a glucose meter, would you buy the device?
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