I recall attending a lecture with Ed Lazear at Stanford GSB about his front row seat to the GFC as chief economic advisor to the Bush White House. Talk about a

I recall attending a lecture with Ed Lazear at Stanford GSB about his front row seat to the GFC as chief economic advisor to the Bush White House. Talk about an incredibly frightening description of events as they unfolded. He even mentioned how Hank Paulson had been vomiting before having to front the nation/world on TV with the plan to keep the wheels from falling off the global economy. One thing I recall from the lecture was how the White House and entire government by extension were completely incapable of understanding the types of insanely complex financial instruments that had been created and used.