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There's a Catch-22 here, isn't there ? Anyone who breaks ranks and speaks out is a maverick: therefore they are properly to be ignoredthus giving us the spectacle of Tub-of-Lard Hattersley gobbing all over Paxman this autumn, spluttering "no-one, not even you in your great wisdom Jeremy, saw this coming"by which he means: no-one that was not self-evidently a maverick-to-be-ignored(this is one reason why cycles are so pronounced / go into overshoot)
Hi Nick; well, at least we now know MSM journalism for what it is, then, and it's certainly not our eyes and ears, as they pretend.
I don't blame the MSM for not warning me, I blame them for pumping up the credit bubble with house porn.
I definitely believe the MSM played a part. Take the Independent Newspaper. They employ people like Stephen King to write economics articles for them. Except Stephen King is an employee of HSBC Bank. Surely, then, a severe conflict of interest? No big surprise that Stphen King and others like him were banging on about the joys of low interest rates and how it could all go on forever. I wrote to Stephen King and Jeremy Warner on several occassions after 2001 to DEMAND a more balanced reporting of the economy and to factor in the looming possibility that the economics beinbg embarked upon would inevitably lead to a massive recession. Jeremy Warner actually took the trouble to reply and state that the scenario I had given was entirely possible but we would have to "wait and see" - but no such comments in any of his columns! So they must have had others challenging their views surely, and would have been aware of the dangers 7 years in advance - as soon as the reflation after the 2001 recession was embarked upon. But they said nothing, and gave NuLabour all the rope they needed to hang all of us.
I believe it wasn't the low interest rates, it was the lowering of the reserve ratios that caused the credit bubble.
My daughter asked "How come an amateur like you got the calamity right, Dad, and all the financial people didn't?" Modestly I replied "It's due to an important economic principle, dear. Incentives matter." "Oh?""Because their incentive is to please the boss and mine is to safeguard our savings."
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