A Short Explanation of The Financial Crisis
December 13, 2011
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hmm. no surprise there: guess the less than 5% have since retired on their riches
It really depends on which economists were asked, if we’re talking about economists cherry picked by the multiple buy-to-let property owning staff at the BBC, they’re obviously going to pick economists who give predictions that the party will go on forever and they should keep spending their paper wealth on Range Rovers and taking out 125% mortgages at 5x salary over 30 years. The fact that the BBC takes public money to broadcast propaganda protecting the vested interests of their management teams really sticks in my craw.
There were economists like Peter Schiff who were mocked in public for amazingly accurate predictions. See http://www.youtube.com/watch?v=2I0QN-FYkpw. We all know he is painfully bearish on the world economy and you could say ‘a broken clock is right twice a day too’ but he is proof that there were people telling everyone exactly how it was going to end up and it was only ever going to end up this way.
The graph is – dare I say it – satirical in nature. No actual data was harmed in the making of this graph. 🙂
If the actual data showing published predtictions could be compiled, I bet the lines wouldn’t be far out!
I have the same feeling. Enforced by a multitude of documentaries with endless parades of experts that “saw it coming”.
Don’t worry, if you can do a good Greek accent, Goldman will still sign it off!
‘Twas ever thus.
Hindsight is such a wonderful thing.
I still think it was the dinner-ladies, closely followed by hospital cleaners. Greedy buggers.
And train drivers in Greece. Don’t forget those lazy, profligate baaaarstahds.
and all the other part-time minimum-wagers, there are after all far more of them than bankers snd other such sevants of society
Was it extracted from young Murdoch’s lie detector test?
John Lanchester in the London Review of Books gave some startlingly accurate predictions way, way back. I read it and thought it just too scary to be true. He also gave a really good explanation of how the derivatives markets operate, and I thought it just too dodgy to be legal.
Silly me.
Yes – he is in that venerable 4% that ACTUALLY saw it coming.