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What, so you agree that "nobody could foresee...?"

We know it could be foreseen because it was foreseen by economists (not just by bloggers), who did voice their concerns about the global imbalances. Even Greenspan talked about "irrational exuberance" in the 1990's. Krugman thought the depression woud hit after the .com crash. And so on.

The fact is that these warnings were not heeded, not even by the people with the power to do anything about it (such as Greenspan ca. 2003).

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Tue Sep 22nd, 2009 at 07:41:05 AM EST
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