Why didn't anybody see the credit crunch coming? (The Queen asks)

Started by Viking, August 01, 2009, 10:08:06 AM

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Viking

August 01, 2009, 10:08:06 AM
Well, she did ask why nobody saw the credit crunch coming. Being The Queen (tm) and not some random Languishite, I believe her user name is "QE2", not to be confused with Queequeg, The British Academy rushed to answer in an understandable three page letter based on the discussion of a panel of experts including economists, bankers, journalists and others.

Here is the letter. As close to "an authoritative answer to the question of why nobody saw the credit crunch coming". Basically the answer is "but many did, it's just that nobody with the authority to do anything listened and anyway nobody really had the authority to do anything about it anyway."

http://media.ft.com/cms/3e3b6ca8-7a08-11de-b86f-00144feabdc0.pdf

First Maxim - "There are only two amounts, too few and enough."
First Corollary - "You cannot have too many soldiers, only too few supplies."
Second Maxim - "Be willing to exchange a bad idea for a good one."
Second Corollary - "You can only be wrong or agree with me."

A terrorist which starts a slaughter quoting Locke, Burke and Mill has completely missed the point.
The fact remains that the only person or group to applaud the Norway massacre are random Islamists.

Sheilbh

#1
August 01, 2009, 10:17:23 AM
I love Peter Hennessy :mmm:
Let's bomb Russia!

MadImmortalMan

#2
August 01, 2009, 02:47:43 PM
It took that big list of people to come up with that statement? What a waste. Any one of them could have whipped that letter up out of his ass and been done with it.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers
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