Sunday, Jul 26, 2009
'How come nobody could foresee it?'
The Guardian: This is how we let the credit crunch happen, Ma'am ...
A group of eminent economists has written to the Queen explaining why no one foresaw the timing, extent and severity of the recession.
Posted by devo @ 10:37 AM (761 views) Add Comment
8 Comments
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1. hpwatcher said...
Lots of people on HPC predicted a recession, so it's more accurate to ask: ''Why did no-one in power see the recession coming?''
But, the real question is 'why did no-one around Gordon Brown - who saw it coming - speak up?'
2. down wave said...
Numerous MP's including Cameron and Darling, Newspapers, Local Councils, Banks,
Accountants, Companies, shops and individuals were advised by my 2003 document entitled:
Rule Britannia - Tony Blair and Gordon Brown's legacy for the UK. Not one of them took any
notice or replied to my communications at the time.
This is a comprehensive single sheet document to save ink and paper for cheap distribution.
here is the link, please note that I have posted this link before on this site. At the time, even
some prominent posters here ridiculed it, now today almost every word of it has come to pass:
Link:- whalemedical.com/pdf/boombust.pdf
My guess is that they, like me and many other people, except sheeple new it was comming but
all were to busy milking the cash and no one had the steadfastness, fortitude or propriety to
tell the sheeple.
3. d'oh said...
Liars or fools, one and all.
I know a couple of Oxford economists who guessed 2007 as when the crunch and crash would start in private conversations back in 2002/3 ish...and then there were all those making predictions on this website and others.
Therefore, in my opinion, the economists who wrote this report are either mealy mouthed, lying scumbags, or they should hand in their resignation letters as "not being fit for purpose."
Add to this the perpetual spin that goes on in the media, of which this article is a perfect example, and all I can do is "thank my lucky stars" that I am out of this country for good in less than a month.
4. icarus said...
In the immortal words of Lord Buckley "We goofed - guess that's what you call it".
An article based on the work of an eminent UK economist was posted here a day or two ago. He said this recession was looking more and more like the Great Depression. When I spoke to him in Dec 2007 I pointed out many of the bearish ideas that were liberally posted and discussed on this site and elsewhere. I said this banking crisis was unprecedented since WWII and another Great Depression was a real possibility. He said NO - we are now free from the Gold Standard, which limited governments' scope for action in those days. Now governments can do all sorts of things to stimulate economies to ensure things don't get too bad. He's not saying that now after looking at this year's GDP figures. He'll end up with a gong no doubt.
5. mander said...
Yes Your Majesty they have created money like there was not tomorrow and "they had found clever ways to spread risk throughout financial markets" Because this spreading of risk activity ( derivatives market ) is no longer working the banks would not lend. They call it credit crunch not fundamentally wrong aproach to lending without taking any risk.
6. enuii said...
I will quote the very last sentence from the most authorative book written on the Great Crash of 1929; 'It is what causes men who know that things are going quite wrong to say that things are fundamentally sound'.
Written in 1954 it perfectly desrcibes the actions and words of our current bunch of politicians, bankers and economists.
7. novice pete said...
In summary, Your Majesty," they conclude, "the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole."
Even very bright people fall victim to scams. Remember those Nuremberg rallies in the thirties, mass suckerization!
8. contrails are not a conspiracy (formerly npnh) said...
Down wave said: “Numerous MP's including Cameron and Darling, Newspapers, Local Councils, Banks,
Accountants, Companies, shops and individuals were advised by my 2003 document entitled:
Rule Britannia - Tony Blair and Gordon Brown's legacy for the UK. Not one of them took any
notice or replied to my communications at the time.”
Really? If you look at the properties of the pdf it says:
Created by Leia Norton on September 2008 06:23:56
pdfFactory Pro 2.45 (Windows 98 SE)
Just sayin'