Baralier ([info]baralier) wrote,
@ 2008-10-14 02:51:00
Previous Entry  Add to memories!  Tell a Friend  Next Entry
Current mood: pessimistic
Entry tags:politics, social definitions, weird shit

Interesting Economics Video
Patrick Byrne, an American economist has apparently been saying for some years now that the economy was going to come to a nasty end. In fact he even says to an incredulous reporter some three years ago that this was going to make Enron look like a tea party.



Clusterfuck or FUBAR? Hard choice really.

Personally I think there's a lot of financial people who need to be taken out the back and shot. Repeatedly.

Seems this guy is one of the few who actually had a clue but no-one wanted to listen.


(3 comments) - (Post a new comment)


[info]canticle
2008-10-13 05:36 pm UTC (link)
Patrick Byrne was marginalized and portrayed by Wall Street as a kook with no credibility for years. There was even an organized and systemic attempt to discredit him via Wikipedia (I made a post regarding it in my own journal not long ago).

The simple fact of the matter is, the financial system is filled with sociopaths and people who lack a moral compass (read the book Snakes in Suits for an excellent analysis of why corporate America attracts and doesn't discover sociopaths). Things like this are inevitable and will continue to happen.

(Reply to this)


[info]vashtan
2008-10-13 06:51 pm UTC (link)
Trouble is, that was an amazingly easy thing to say in Dec 2007 - and before that it was just conjecture.

(Reply to this)


[info]mireille21
2008-10-14 12:37 am UTC (link)
His analogy of the old guy in the oxygen tent is a good one. I too have been saying that the US govt couldn't afford to keep propping up the economy the way it was for much longer, and I've been saying that since 2001ish. I talked about it in a recent post.

It's so obvious, I'm sure he's not the only guy who knew, or rather who was aware of the situation, however denial is a powerful thing. They made the mistake of trying to forstall the pain for longer and longer, only to be greeted by a bigger financial pain now than if they *had* done something more constructive 4-5 years ago.

Not to mention that Bush was probably trying to hold on and keep the economy propped up long enough to see him through his term hoping that the shit wouldn't hit the fan until the next administration was in, so that he wouldn't have (any more) egg on his face.

(Reply to this)

(3 comments) - (Post a new comment)

Create an Account
Forgot your login or password?
Login w/ OpenID
English • Español • Deutsch • Русский…