Economists Make Astrologers Look Good: Why They Failed To Predict The Great Recession
Examining the Hidden Causes of Income Inequality

Did they fail to predict the recession? It seemed in 2006 and 2007, all I heard was “sub-prime debt!” “sub-prime debt!”

I failed to predict it, because I figured since everyone was expecting it to happen, they would have already taken steps against it.

And the “Great” Recession wasn’t really that great. I don’t mean it wasn’t great because I didn’t enjoy it. I mean as things go, it wasn’t really that bad. Look at the picture; it’s that little divot at the top right.

We gave back four years of GDP growth, which was no fun, but compare it to the Great Depression. We lost almost 30 years of growth (and had a world war, if anyone is counting) and didn’t get back on track for 20 more.

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