Retrospective analysis of roots of the financial crisis

A worthwhile read at Naked Capitalism:
Was it “Nobody Saw It Coming” or “Everybody Who Saw It Coming Was a Nobody”?

 

“A number of economists, economic policymakers, regulators, and central bankers have attempted to explain away their failure to both foresee and mitigate the current financial crisis by asserting that no one saw it coming. The inference is that they cannot be held accountable for something so unusual, so extraordinary, and so unforecastable that that no one saw it coming.”

The essay demolishes this inference.

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