stryder wrote on Sep 4
th, 2011 at 5:56pm:
Quote:can you please tell us how you know what the majority of economists were seeing around that time - much less what they were thinking!?
by Equitists
Well Equitist, can you tell us of any newspaper that had anything close to a warning that some level of global economic calaymity would hit us by late 2007, 2008, 2009 even if the timing was off, but the event itself, the majority of these economists didnt see it coming in the the late 2008 economic crisis in the way it did and the way it came, and freediver is basing his arguments on such people HAS LEFT HIS ARGUMENT FLAWED, SO WHAT AM I SUPPOSED TO DO, if economists get it wrong more often than not in projections, especially concerning mixing economics and science over a carbon tax !
Just as I suspected, Stryder: you are claiming that there were no warnings from economists, when you can't really recall!
I can recall debating it back on Yahoo - in the months leading up to the 2007 Federal Election - and posting a range of articles at the time...
I was one of those who were being dismissed at the time as one of the 'prophets of doom'!
The simple fact, Stryder, was that the entire Western World had been riding a debt-fuelled stock bubble - and much of it had also been riding a debt-fuelled housing bubble - at a time when the shareholders share of national production was going up exponentially and the wages share of national production was going down!
With the lower real wages, increased consumerism and rising house prices, there was increasing debt - both consumer credit and mortgages - and much of that debt was being written under dodgy contracts which were being repeatedly-onsold for a premium at each stage!
Only a fool could think that such trends were sustainable!