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cloud Bloomberg. and celebrated each and every year.

Michael Spence, I would suggest,

is a laureate on the study of information and risk.

What we know, you hear Dr. Illarian talk about unknowns the knowns this that and the other thing

some of this a study of an Oxford University of years ago coming out of the

wonderful heritage of game theory in England.

Michael Spence joining us on today's clear and present unknowns and knowns as well.

What a time of distortion. Step back 10 years, Professor Spence, how did we get to this wildly distorted moment?

Well, I mean, you know, somebody would probably write several books on this, Tom, but I think the first thing was that we develop serious imbalances in the pre-crisis era and that was to simplify

leverage you know loans that shouldn't have been created followed by asset price

...