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Financial Crisis

foresight
Posts: 4
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10/10/2008 11:31:16 AM
Posted: 8 years ago
Politicians claims that a Financial Crisis that has hit the US could not have been predicted. However there are a number of economists who as early as two years ago predicted such a mess. Could the Financial Crisis have been avoided?
Foresight
Zerosmelt
Posts: 287
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10/10/2008 11:42:47 AM
Posted: 8 years ago
At 10/10/2008 11:31:16 AM, foresight wrote:
Politicians claims that a Financial Crisis that has hit the US could not have been predicted. However there are a number of economists who as early as two years ago predicted such a mess. Could the Financial Crisis have been avoided?

well in the second pres. debate Mccain and Obama actually both claimed that they had predicted the crisis months before it occurred and that they were sending letters to Washington and no one was paying attention etc. etc. Politics is such a joke lol.
scissorhands7
Posts: 480
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10/10/2008 8:24:01 PM
Posted: 8 years ago
I agree.

However I think part of it could have been predicted (the sub prime mortgage crisis part)

I think the derivatives market (the bulk of the problems) were a lot more unclear. So yes some of it could have been predicted, but I dont think the vastness of this could be. I predicted a drop but my prediction was only a 23% drop not a 40%+ drop.

So I was way off.
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Ragnar_Rahl
Posts: 19,297
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10/10/2008 9:05:32 PM
Posted: 8 years ago
"ago
Politicians claims that a Financial Crisis that has hit the US could not have been predicted. However there are a number of economists who as early as two years ago predicted such a mess. "
Ludwig von Mises predicted it a long time ago. He predicted that it would happen again and again until and unless a free market was established. And it has happened again and again.

The claim that the current mess could not be predicted has about as much validity as the claim that tomorrow's sunrise cannot be predicted. The sun rises as an inevitable consequence of the earth's rotation. Cyclical contractions occur as an inevitable result of expanding the money supply without expanding attendant value.

The same fundamental thing that is happening now happened, I hear, in the late 80s, the early 70s, and, to a greater extent, the late 20s and early 30s. It's called, people realizing they've been defrauded by the corporations they own stock in, the banks they have deposits in. And getting defrauded worse without realizing it, by the politicians to whom they entrust their vote, and the philosophers to whom they entrust their mind.
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