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Quite a few did not miss the crisis. Peter Schiff comes to mind. http://www.youtube.com/watch?v=2I0QN-FYkpw http://www.youtube.com/watch?v=2I0QN-FYkpw This is
by axiom 18y ago
Quite a few did not miss the crisis. Peter Schiff comes to mind.
http://www.youtube.com/watch?v=2I0QN-FYkpw http://www.youtube.com/watch?v=2I0QN-FYkpw
This isn't a question of economists focusing on things that were too abstract or that somehow these crises are just inherently unpredictable. This was caused by the widespread idea that you can legislate away economic problems e.g. 1% interest rates following the tech bubble. You can't subvert reality with clever accounting tricks. Eventually the chickens come home to roost.
- puzzle-out 18y agoYour right - there were a number of people predicting this, but when you had year on year growth, their voices seemed less relevant. I was guilty of this - I went to an Entrepreneurs dinner two years back where Jim Mellon, the guest speaker, basically told us that the economy was in for a huge downturn. But oddly enough, he was delivering his message in the wrong environment - all paid for dinner, swish restaurant, lots of nice wine - so I don't think we really registered what he was saying. He gave away free copies of his book, "Wake Up", and it now makes fairly prophetic reading.
- skorgu 18y agoPlenty of people predicted something. Hell I knew the housing market was due for a crash way in advance and I'm not inordinately well informed. The problem isn't predicting what will happen it's predicting when. Nobody got that right as far as I can see.