The Financial Crisis Was Entirely Foreseeable
by Washington’s Blog
December 10, 2011
I noted in April:
Whenever there is a disaster, those responsible claim it was “unforeseeable” so as to escape blame.
It happened with 9/11
It happened with the BP oil spill (see this, this, this, this and this)
It happened with the Japanese nuclear accident
The big boys gamble with our lives and our livelihoods, because they make a killing by taking huge risks and cutting costs. And when things inevitably go South, they aren’t held responsible (other than a slap on the wrist), and may even be bailed out by the government.
But surely the financial crisis was different. After all, Wall Street executives and politicians say that the financial crisis wasn’t foreseeable. And see this.
Actually, it might have been slightly foreseeable for a little while before the financial crisis.
We’ve Known for Thousands of Years