> With the proviso that nobody foresaw the housing crisis in its eventual form
Believe it or not, there were a bunch of us that did and took action. See The Big Short for some other examples.
Of course, nobody with a conflict of interest managed to see it (Ben Bernanke, Fed Chair, Mark Zandi, Economist at S&P which was rating the trash AAA).
That you can miss predicting the biggest economic event in three generations and still have a job as an economist is a testament to how broken that field is.
> How does that make any sense?
Absolutely zero. And the fact that nobody is doing time for what happened is itself a crime.
Yeah, well, sounds like you and I go on the same rant. I'm not even ranting because I'm an aggrieved deficiency defendant; it's just the principle of the thing that offends me, if you can believe that, utterly unrelated to my personal financial liability. Nobody in my position should be getting boned from all sides simultaneously when the banking sector, enabled by the easy-money Fed, caused the whole phenomenon.
Of course, an aggravating factor in this case is that Atlanta was understood to have a massive glut of condo development even before the subprime price collapse. That's why condos in Atlanta still haven't recovered to anywhere near pre-crisis levels, unlike freestanding houses. As of last summer, my unit was worth 48% less than I paid for it. The point being, I was paying $1400/mo in mortgage (mostly interest) (+$300-$400/mo in HOA dues!). A qualified buyer can finance my place for $85K at like $350/mo now! :-) And I'm the one getting sued.
Believe it or not, there were a bunch of us that did and took action. See The Big Short for some other examples.
Of course, nobody with a conflict of interest managed to see it (Ben Bernanke, Fed Chair, Mark Zandi, Economist at S&P which was rating the trash AAA).
That you can miss predicting the biggest economic event in three generations and still have a job as an economist is a testament to how broken that field is.
> How does that make any sense?
Absolutely zero. And the fact that nobody is doing time for what happened is itself a crime.
/rant, deep breaths.