Saturday, September 13, 2008

The “experts'” predictions were so wrong…

Northern Rock – one year on

Charlie Bean, the Bank of England’s deputy governor, this week put his finger on the reason why every economic forecast made around the time of Northern Rock’s implosion has turned out to be so badly wrong. “We thought a year ago, when this crisis first emerged, it might be over by Christmas – rather like World War I,” he told the Treasury committee on Thursday. “But as it’s gone on we realised there are far deeper problems that will take longer to unfold." (Deep problems in the financial system? No sh*t Sherlock!)

Posted by drewster @ 04:04 AM (649 views)
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8 thoughts on “The “experts'” predictions were so wrong…

  • The pea brain experts have no common sense and are not able to think and reason independently. It was easy to make a buck when the tap was on full flow but now it is a trickle through a leaky washer and targets cannot be set let alone achieved, the so called city experts are scared of the future, lower incomes and possible unemployment( prima donna’s ). How many jobs have been saved by the taxman, certainly not the small post offices etc.

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  • So Penfold’s gimp finally admits he hasn’t a clue either. How much is this idiot being paid? Also I very much doubt he has to worry about his pension…

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  • it_is_going_with_a_bang says:

    The “we thought” syndrome.

    We thought there were sound fundamentals for the market
    We thought inflation was under control
    We thought housing was affordable
    We thought there is not going to be a recesssion
    We thought unemployment was under control

    Alot of thoughts. Pi**ing in the wind.

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  • planning4acrash says:

    When you are ruled by committee’s and, by the way, the meaning of Soviet, is, to be run by committee’s, the public must be led to believe that there are people in the committee debating out the issues for the public interest. Prior to the people being wholly conditioned to accept rule by committee. It could happen folks.

    “The argument that the two parties should represent opposed ideals and policies, one, perhaps of the Right and the other of the Left, is a foolish idea acceptable only to the doctrinaire and academic thinkers. Instead the two parties should be almost identical, so that the American people can ‘throw the rascals out’ at any election without leading to any profound or extensive shifts in policy.” – Carroll Quigley – Author of Tragedy & Hope

    – But, now we have gone further, that power has even slipped from the hands of politicians. As mentioned before, yesterday, LIBOR is a better measure of inflation and that system produces realistic interest rates in real time. We lost faith in the market, whilst the bank committee consistently undercut the market assessment of where interest rates should be. But then, you have to understand that the role of the committee is to undercut the market, because central banks serve the financial sector and fund big government. They do not, and will not serve We The People! Lets restore free market enterprise and end this quasi soviet system where fiat western economics have become combined with soviet/communist style rule by committee!

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  • Presumably had the banks and politicans paid a bit more attention to some of the commentators on the Newsblog here they could have saved themselves 100s of billions because quite a few people on here predicted this outcome.

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  • Quite Wiltshire. I saw this coming and I’m just a humble maths teacher, why couldn’t the experts? Snouts in the trough, perhaps?

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  • Amazing. All intentional, obviously. There is no other logical conclusion. Elementary my dear Watson.

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  • crash bandicoot says:

    So much for a “new paradigm” then. Looks like history is going to repeat. The only question is which era.

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