The credit crunch has a thousand fathers
It’s amazing how much foresight economist have. With hindsight. Browsing in the economics section in Waterstones the other day I picked up a book whose blurb informed me that the author “was one of the few economists who warned of the global financial crisis before it hit”. It reminded me of the blurb on another book whose author predicted “the recent crisis well in advance of anyone else” or yet another, the author of which “predicted the slump years ago”. In fact it turns out that the credit crunch was so widely predicted among academic economists you almost long to meet the economist who didn’t predict the credit crunch. He must be out there.
Oh yes, I forgot, Ben Bernanke is now Chairman of the Federal Reserve.