Tuesday January 20, 2009 Chris Saul's Blog
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Tuesday January 20, 2009 IANAL, but... is a common abbreviation - I Am Not A Lawyer, but...
I expect IANAE to become common shortly on internet forums - I Am Not An Economist.
Currently my economic musings are limited to statements such as 'this is just crazy', 'I don't understand how all this happened!', or 'when will it all end?'.
Not particularly enlightening analysis from me. To be fair, a lot of the commentary from people who are economists could probably be summarised using the same phrases.
( Jan 20 2009, 03:39:59 PM GST ) Permalink Comments [3]Post a Comment:
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A famous economist once quipped that the only thing economics is good for is providing jobs for economists (I believe he was assassinated by an elite cadre of economist assassins shortly after).
Another favourite of mine is from Hayek, who said ‘the curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.’
Posted by Riz on January 20, 2009 at 03:58 PM GST #
No one saw this comming. Not even the so called experts so...
"It is just crazy" is much better than they are doing. :)
Posted by The Spear on January 21, 2009 at 06:04 PM GST #
I don't understand why people keep on saying that nobody saw it coming. The subprime scandal has been there for nearly 2 years and hence i sold my stocks in end of 2007.
Same for Dubai, everybody has been talking of a bubble for the last 3 years at least. And I am not a Wall Street Trader and not a Warren Buffet hiding in Dubai Mall...
So what is so surprising ? Ok, I admit most probably the magnitute of it might be overwhelming. But even in 2001, the tech markets were in for a free wall...but all the media were shouting END OF THE WORLD, END OF THE WOLRD.
Posted by Nuppo on January 23, 2009 at 09:43 AM GST #