Economists - I'm not impressed

[sir roger]

Read 9999's thread on Irish house prices & it prompted me to wonder why anybody would take a blind bit of notice of the worst-performing sector of the British workforce - Fucking economists.

 

They are all shite , get everything wrong constantly , just pretend they hadn't & if pinned down , simply cite all kinds of bogus shite to exhonerate themselves.

 

We had a Chief economist in NatWest called Kern , who brought out a quarterly newsletter & he was that bad with his predictions & trends , that he became a standing joke & we used to diarise his predictions and then piss ourselves looking back at them. He was one of the main reasons that NatWest became that crap that RBS took us over ( A bit like an Asian Corner Shop buying out WH Smiths ) Obviously he went with a 7-figure bonus but without an apology.

 

The most obvious recent example was the Bank Of England committee who spent the past 2 years ignoring the signs leading to the recent downturn & instead taking the piss out of the one guy who was on top of his game & insisted we needed to reduce interest-rates to try and avoid the problems . He ( can't remember his name ) has now returned to America so we are at the mercy of these idiots again.

 

Basically if before taking any financial decisions over the past 20 years , you had polled the top 20 economists in the world & then did exactly the opposite of their advice , you would probably be as rich as Croesus by now.

[Catch22]

The vast majority of economists were saying that Britain had an over-valued housing market, an over-valued property market & an overly large & wasteful public sector.

So to say it wasn't predicted is not right.

 

If you are talking about the BoE then i think you are refering to "Danny" Blanchflower who was a Yank Labour-market economist who constantly called for lower rates.

 

The problem was oil was $140+ in which case that would have just led to inflation which is far worse in the long run than what we are going to have.

 

They could have moved them down a bit quicker once oil fell but they were certainly right to ignore Blanchflower.

 

They should have had rates a lot higher earlier in the boom

 

The problem is that their target is CPI & not asset prices.

 

We are in the 1st generation of independant central banks; the system is better than anything that has gone before but needs refinement with regard to raising rates to stop asset bubbles.

[Karl_b]

The vast majority of economists were saying that Britain had an over-valued housing market, an over-valued property market & an overly large & wasteful public sector.

So to say it wasn't predicted is not right.

 

I think most people could have predicted that though.

[Section_31]

I firmly believe if everyone connected to the financial sector was executed, the economy would stabalise pretty quickly.

 

All the shit that's going on now with the efforts to 'rescue' the world economy, you just know there are at least 1,200 pinstripe suit-wearing cunts out there who've already figured out how to run game on it and blead this rescue package dry.

 

greed isn't good, greed doesn't work.