Mark Crosby points me to this video account of how the "experts" treated a forecaster who was right:
(Note the cameo role by Julie Bishop's taxation specialist of choice, Arthur Laffer.)
Saturday, February 07, 2009
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6 comments:
Actually many have been saying this. Note how he had a lot to say about the housing bubble.
Do those govs (state and fed, ALP and Lib) inflating the bubble with huge bonuses (or from opposition, supporting them) want to take responsibility... or merely claim they were ignorant about basic economics?
Any Rudd's address asking were there warnings and if so, why weren't they heeded.
Become an attack dog Peter!
Considering this is a topic of current debate in the econosphere it'd be worth linking this video to Mish's recent takedown of Schiff:
http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html
Read Mish's comments above - interesting stuff even if he does then spoil it with more self-promotion (ala Schiff!) than I'd like.
There is a fair bit remarking on this around our bit of the blogosphere..
--Q
Club Ostrich (Labor-Liberal Neanderthal party) has its head in the sand. The two ring circus of policy makers did what they could to encourage unsustainable debt in Aus.
They were successful but at what cost?
The swan dive for our economy will follow the trajectory of other countries. It is at best wishful thinking and more likely delusional to believe otherwise.
If govt is going to go into debt, I hope the spending is wise.
Mike Shedlock is one of the best bloggers on the crisis.
Peter Schiff was right about some things, wrong about many others.
And Art Laffer is a muppet.
Rudd's solution is to hand everybody a bigger bucket of soapy water and a large wire loop to make an even bigger bubble.
Until house prices fall to 1/3 of their peak under Howard, we will not have sanity in the market.
Agreed anon - inflate our way out of a bubble economy is the Ruddgate plan.
Said another way: Swannie did we just hit an GFC iceberg? - doesn't matter, full steam ahead.
We have no time to survey the situation properly or remove the cause of the bubble. Make them eat more debt Swannie. Make it sound cheap, bribe them, do whatever it takes, just get them further into debt.
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