Charting Nouriel Roubini’s horrible stockmarket callsNouriel Roubini is usually credited with predicting the Global Financial Crisis. However, the rest of his prognostications have been all over the place, as this handy graph shows.
Economists
We’re kidding if we think the GFC scars won’t last
Simon Nasht goes on a world tour of economic carnage caused by the global financial crisis, from Wall Street’s trading floor to abandoned factories in China. Where does the world go to from here?
It’s the leverage, stupid
Steve Keen may have lost his bet with Rory Robertson on house prices, but he’s still right on the fundamentals, he argues: the crisis would have occurred long ago and been far less severe if governments and central banks hadn’t attempted to rescue the system from its own follies.
Where do economists go from here?
Even with all the great economic minds of the world, we didn’t avoid the global financial crisis. Stephanie Flanders speaks to some major economists about the way forward for world economies and the focus we need on behavioural economics.
Aussies, it seems, under Mr Market’s intoxicating spell
The ABS, Australian Property Monitors and RP Data are all indicating that Australian residential property prices are nearing or exceeding record levels, spurred by continued use of debt by many buyers to fund the great Australian dream.
The AFR’s internal culture of favouritism and cushy cliques
The world’s most expensive financial tabloid, The Australian Financial Review, has been accused of many things in its 58-year history, but its internal culture of ruthless favouritism and cushy cliques has for the most part escaped scrutiny, writes Andrew Crook.
NewsHour bumps regular economist for a rapping economist
PBS’s (and SBS’s) NewsHour with Jim Lehrer recently cancelled an appearance by economist Richard Rahn in favour of another economist — not one who was better qualified, but one who was prepared to deliver his points in rap form.
Colebatch: Even economists can’t agree on GFC
Was it too much debt? Too much saving? The Australian Conference of Economists can’t agree on what caused the global recession, or what we should learn from it, says Tim Colebatch. Reassuring…
Has economics stopped working?
Did economists fail to predict the coming financial crisis as Paul Krugman controversially argued? Or was the problem that the research existed — but there wasn’t a way to communicate it to those in power? Joshua Gans takes a look at economic soul searching.
Risk models were cactus, not junk securities
The real sub-prime failure was the quants’ mathematical models of risk that suggested the arcane stuff was safe.
The invisible hand of power: how the Federal Reserve keeps economists silent
The US Federal Reserve’s network of influential and powerful scholars, economists and consultants has the country’s economists too scared to make any real criticisms of the central bank, a Huffington Post investigation has found.
Economist death match: Krugman vs. Ferguson
Economists Paul Krugman and Niall Ferguson are apparently “at war” over how to save the world’s economy, but their spat has descended into petty name-calling and an unnecessarily lengthy debate over the ethnicity of a cartoon cat.
Tackling obesity with economics
Want to solve the obesity epidemic? Instead of relying on the notoriously unscientific diet industry, maybe it’s time to give economists a shot, says Andrew Leigh.
Cage match 2: Steve Keen weighs in on house prices
Economist Steve Keen weighs-in on yesterday’s housing-price cage match, defending a “historical analogy” he made suggesting house prices might fall.
Political snippets: Economists answer a royal question
Economists in Britain defend the honour of their profession to Her Majesty, get ready for a battle between the Adelaide Hilton’s Grange Dining Room and food writer John Lethlean, and more meaty chunks of news from Richard Farmer.
Gen X Reserve Banker: we’re “screwed” by Baby Boomers and Gen Y
Gen X Reserve Banker Guy Debelle calls his fellow Xers “that generation which is unfortunately screwed” by both Baby Boomers (whose debt they’re paying), and Gen Y (who’ll cut their pensions).
Off with their heads! Economists apologise to the Queen
“Dear Your Majesty…” A group of British economists have written to the Queen explaining why they failed to foresee the coming Global Economic Crisis and predict the length and severity of the recession.
Joseph Stiglitz: America’s most important ignored economist
Joseph Stiglitz has long been hellbent on proving that free markets do not provide the best economic outcomes. He predicted the GFC; overseas they love him. So why does Washington snub him?
How the media trash important stories when their rivals scoop them
News Ltd’s handling of the six economists’ call for a new inquiry into the financial system was revealing.
Konichiwa, Krugman
Daniel Gross thinks he’s found economist Paul Krugman’s doppelganger: in Norika Hama, the purple-haired, patent-leather-pumps-wearing Japanese professor.
Back the debt truck up — we need big ideas like the People’s Bank
Some of our best economic thinkers from across the ideological spectrum have penned an open letter urging a comprehensive review of the Australian financial system. About time!
A bank is a bank is a bank
Beware of economists bearing ideas, especially when they start talking about “People’s Banks” because there ain’t no such thing, even in New Zealand.
Economists’ letter: perfect time for financial system inquiry
A group of economists (John Quiggin included) have called for a look at Australia’s “ageing regulatory architecture and the inadequately defined role of government in dealing with such crises.”
Why Australia’s economists are wrong about the stimulus
Should it turn out that the stimulus packages have been quack remedies, writes Steven Kates, we are soon going to know. Economists don’t need to write a letter about it.
The media’s love affair with celebrity economists
Being rich and successful doesn’t prevent anyone from being wrong. Then why are we still listening to high-profile financial gurus, like Warren Buffett?
