Top Economists - Another Economic Disaster Coming

[Dr. Oza]

some very prestigious and respected economists predict incoming catastrophe

[Thorn777]

They are doing it for quite some time now, nvm the many that predicted it. No wonder when a facilitating sector makes up 30% of/in our largest economy's, and is regulated like a casino.

We have sold out...its up to the fat cats now.

[roy34543]

Even economists regularly describe how useless they are in predictions.
Economists are more for the general principles of what to do and what not to do for the biggest likelihood of success, security or anything else relating to the economy. But you can only really only have a part of what you want. You cant have a fast-growing and stable economy thats brings prosperity to the majority of citizens without having some kind of amazingly valuable natural resource (and when that runs out theres going to be a market shock anyway, so not really stable) So most countries resort to some crazy finincial models for "imagined" growth.
Economists are not crystal balls, Theyre guidelines. And even as guidelines, they usually work badly.

[Thorn777]

Even economists regularly describe how useless they are in predictions.
Economists are more for the general principles of what to do and what not to do for the biggest likelihood of success, security or anything else relating to the economy. But you can only really only have a part of what you want. You cant have a fast-growing and stable economy thats brings prosperity to the majority of citizens without having some kind of amazingly valuable natural resource (and when that runs out theres going to be a market shock anyway, so not really stable) So most countries resort to some crazy finincial models for "imagined" growth.
Economists are not crystal balls, Theyre guidelines. And even as guidelines, they usually work badly.

Its "imagined growth" banks really cash in on, and apparently our governments are just a big bunch of losers who can do nothing to prevent this to big to fail + crisis = bail-out chain of causation.

I could understand the bail-outs, but only if the strings attached would be the needed regulations, which are not that complicated, nor new.

[Snowball]

Its "imagined growth" banks really cash in on, and apparently our governments are just a big bunch of losers who can do nothing to prevent this to big to fail + crisis = bail-out chain of causation.

I could understand the bail-outs, but only if the strings attached would be the needed regulations, which are not that complicated, nor new.

We don't need regulation. We need the government to stop messing with our stuff.

[JP226]

They make us become accountants when we aren't.

Take for instance a project I busted my ass on last week and still made a few errors on, tax deduction impacts. Me being an economist, I'm certified to tell you what's going to generally happen to the economy, in theory lower corporate taxes means lower cost of business, an uptick in supply drop in price etc etc. I can even attempt to quantify that in terms of general percentage changes, forecast a change in supply and demand etc etc. Do they want to hear that? Of course not, they want a run down on the accounting sheet and know specifically what's the deduction going to cost. What does that tell you? Absolutely nothing given the dynamic nature of a human being. Oh and then we have to grow that over time to "forecast" using some horse growth rate that beauracrats got into a circle jerk over and pulled out of each other's ass, and then averaged...

Kind of off topic ranting, my bad.

[Dr Zoidberg]

They make us become accountants when we aren't.

Take for instance a project I busted my ass on last week and still made a few errors on, tax deduction impacts. Me being an economist, I'm certified to tell you what's going to generally happen to the economy, in theory lower corporate taxes means lower cost of business, an uptick in supply drop in price etc etc. I can even attempt to quantify that in terms of general percentage changes, forecast a change in supply and demand etc etc. Do they want to hear that? Of course not, they want a run down on the accounting sheet and know specifically what's the deduction going to cost. What does that tell you? Absolutely nothing given the dynamic nature of a human being. Oh and then we have to grow that over time to "forecast" using some horse growth rate that beauracrats got into a circle jerk over and pulled out of each other's ass, and then averaged...

Kind of off topic ranting, my bad.

I think I speak for all of us who never studied economics or accounting when I say... what?

(My brain hurts now )

[JP226]

Most economists worth a damn saw what was coming. No mystery there. It was figuring out WHEN the would hit the fan.

[Phier]

Most economists worth a damn saw what was coming. No mystery there. It was figuring out WHEN the would hit the fan.

Hell I saw it coming, the real question is why employ economists in the first place, I trust the weather man to be more accurate

[Dr. Oza]

no... mr.blue

it was when bush told the negroponte to stop checking up on the major banks and financial institutions a couple years back that everything started going to ..

jesus christ.. they gave million dollar home loans to taxi drivers...

and everyone knew it was stupid but the federal gov. who is supposed to be watching for that kind of stuff was told by bush to not do that

and thats why everythings bad now...


-------

they then sold the bad loans to europe and so they got screwed too.. and once everyone was screwed, they realized how screwed they were and became even more screwed

[TheTrainee]

They're totally right: We haven't fixed moral hazard / the financial system. The hundreds of millions of campaign and lobby dollars the banks invested are paying off with being given barely a slap on the wrist.

[Enemy of the State]

jesus christ.. they gave million dollar home loans to taxi drivers...

Wasn't this because the government made banks give out loans that people couldn't really afford, so everyone could get a home? Now banks are a lot more cautious, and people are blaming them for not loaning enough...

Look at this by the way.

He actually gets less invites to shows now. And he wasn't the only Austrian economist to predict when and why it would happen. They're ignored though, and the people that got us into this mess are called our saviours.

[JP226]

People run around claiming it's the lack of regulation and this and that. That's not the problem and honestly I don't know if you want to give the regulators any more power. Low salary and long work hours for those guys translates into the skill and talent working elsewhere. So you essentially have amatuers taking the reigns. At the sametime though, there is a very real, not so much "greed" as there is overall cultural issues.

Politics for one definitely plays a role. Banking execs live and die by the projects they attach their careers to. Kinda like the healthcare bill. Wih that kind of pressure they only want to hear good things about the market and if you don't give it to them, you are out on your ass. Then there is the business frat. Only 51% of these CEO's, according to I believe USA Today's college publications, pick employees based on school. However they almost all pick based on what degree you have at that level. In return they limit themselves to one of the most useless groups of college graduates the modern era has produced; the MBA. Any degree, excuse me any graduate degree, that has curriculum titled "Fianance/ Economics/ Accounting for..." scratch out whatever title they fill in the blank with and replace it with retards.

Of course the guys that have survived and been there a while know there stuff. It's the underlings that do the grunt work fresh out of the "special" school they depend on and IMO not a good foundation.

[Giuliano Taverna]

Of course an economic disaster is coming, on the one hand the US is financing a dubious recovery plan by racking up an unsustainable level of debt, on the other china's export bubble continues to inflate and history tells us 8% growth can't last indefinitely.

If either system gives, (likely both will at some point) the entire global economy crashes.

Oh and Peter Schiff is a tool of big gold, and pretty much everything he's said has blown up in his face.

I wonder how much Ron Paul get's paid per month by gold companies... hope for his sake he's not getting paid in gold.

[BlackPirate]

Unemployment rate is going to stuck at 10% for some time which is, in my opinion, the worst consiquense of ths recession