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"Do not say later you were not warned"

by John Henderson
2 replies
  • OFF TOPIC
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At the height of the credit bubble in late 2006, when lenders like the Bradford & Bingley were offering 125% mortgages with no deposit, a guy called Hugo Bouleau was alarmed at what he saw. He believed that we were on the verge of a colossal financial collapse, and despite the fact that at the time all media commentators were pooh-poohing any chance of a downturn, Bouleau bravely wrote his predictions in a book called "The Final Crash""The Final Crash" , published in April 2007. This was 5 months before the Northern Rock collapse.

The best part of this story is found in the reviews. One of the reviewers was Lord Desai, professor at the LSE and Labour peer. This is what he had to say: "Here is a disquieting dispatch from someone deeply embedded in the financial world and all us amateur punters should sit up and take note. Do not say later you were not warned."

And yet tonight, I'll switch on the TV to see the Chancellor of the Exchequer, Alistair Darling, telling us that the credit crunch is a global problem that no-one could see coming....
  • Profile picture of the author HeySal
    No doubt, John.
    "Conspiracy Theorists" or "nut cases" as we are called here, warned of this up to two years ago. It is surprising that people still spit on the messengers and refuse to admit they ever heard it before -- because of the "kind of people" who were trying to tell them.

    I don't follow economics that closely, I follow what the politicians are doing but I still got a very hollow pit in my stomach when I saw people buying homes with payments due to increase during a time of stagflation that shouldn't have been happening.

    If there is one thing to be learned from this (and our election) is that you can't warn people - they don't listen. They will, in general and en mass, follow the group with money and authority at all costs and to all risks. There are a few more warnings right now that would be well for people to heed - but they aren't listening again, LOL. go figure.
    Signature

    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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    • Profile picture of the author myob
      Those of us who took heed will make fortunes. The signs actually appeared back in 2000 with sub prime loans from Freddie and Fannie. Smart money is buying up fallen stocks at garage sale prices. We expect the DOW to drop to 7200. There is still time to invest before this cycle repeats itself.
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