Wednesday, Sep 09, 2009
The tyranny of consensus
The Times: Mervyn King's 'old iron fist' missed the recession
David Blanchflower, former MPC member, lashes out at Mervyn King for ignoring his early warnings about looming recession
Posted by devo @ 11:53 PM (397 views) Add Comment
4 Comments
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1. devo said...
Any of you come up with a compelling argument as to how the current disastrous level of completed house sales will increase?
Flashman?
666?
2. paul said...
We've done this already.
Blanchflower is is berk for contributing to the credit boom in the first place and if Mervyn King had any sense he wouldn't take this crap and expose Blanchflower as a chief architect and short-sighted fairweather economist of the credit boom.
3. bystander said...
Which investment bank is Blanchflower advising/ employed by now????
4. dbc reed said...
There's nothing wrong with increasing credit: we just have to block it from going into house price inflation with a Land value tax or other workable levy.Would be as well to stop further credit disappearing into daft financial instruments in the City by means of tight regulation.However the City would probably shrink back to optimum size once deprived of all the mortgage money the public are pouring in.You have to remember that until quite late on the mass of people did n't have bank accounts and were paid in cash.