It's kinda hard to "explain away" an econometric failure of "Pearl Harbor" proportion and visibility, especially when the Admiral of the Fleet, Alan Greenspan, comes forth with…
[Who is that testifying in the middle seat?]But it's really not all that hard to explain "robusterian" economics in a concise manner; take a listen at the 30 second version from "SNL"…
But now, having missed "The Big One", the econometric malingerers are hard at work making sure that they never miss again, especially when it comes to "interest rate risk"(IRR), by living up to the classic economic joke:
"Did you know that economists have correctly predicted nine of the last five recessions?"
|…y'know: HUEY, "QE", and LOUIE !!|
(… and also insanely IRRational, consistently IRResponsible, and most definitely IRRksome!!)