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Mervyn King: "World's Worst Financial Crisis Ever"
Bank of England Governor Mervyn King says:
We
are still halfway through the world's worst financial crisis ever.
He
is in good company.
The following experts have said that the
economic crisis could be worse than
the Great Depression:
- Fed Chairman Ben
Bernanke
- Former Fed chairman Alan
Greenspan (and see this)
- Former Fed Chairman Paul
Volcker
- Economics scholar and former Federal
Reserve Governor Frederic
Mishkin
- Economics professors Barry
Eichengreen and and Kevin H. O'Rourke (updated here)
- Nobel
prize winning economist Joseph
Stiglitz
- Investment
advisor, risk expert and "Black Swan" author Nassim
Nicholas Taleb
- Well-known
PhD economist Marc
Faber
- Former Goldman Sachs chairman John
Whitehead
- Morgan Stanley’s UK equity strategist Graham
Secker
- Former chief credit
officer at Fannie Mae Edward
J. Pinto
- Billionaire investor George
Soros
»
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+1
WTF ... There are so many "laugh out loud" moments listening to the central planning idiots, and I'm not hearing people called on it. "Subprime is contained"? "We saved the world"? "The worst is behind us"? "Europe has the capacity to manage through this"?
OMFG. Beyond the illegal and unconstitutional, we're in the pathetic. It's like a massive house party while the parents are gone, with the kids on the phone, telling the parents everything is "fine" while the house is literally burning down. Really? You really think the parents won't figure it out when they get back?
I understand general populace fatigue and apathy, but these insane central planners are so criminally incompetent and negligent that they should be hanged by the neck until dead.
"You really think the parents won't figure it out when they get back?"
Great analogy! I've felt for a long time that there are virtually no adults anymore -- especially in "positions of power". New Jersey's Gov. Chris Christie might just be the first parent to return home...
Adults are merely tall children with ear hair.
And we're all just smart monkeys with the capacity to destroy the world...until it resumes without us.
What does Sister Cleo forecast? Inquiring minds and all that . . . ?
let's not leave out Celente and Chapman :) and where is Rosie on this list?
Dude how about Tarpley, this guy's amazing
Peter Schiff, Jim Rogers, Ron Paul and others, too.
Paul's a machine, I dont' think he sleeps
Celente and Chapman have both definitely been saying this, but I'm trying to stick with "mainstream" people that the MSM quotes.
I'll add Rosie if you provide a link where he says worse than the Great D.
Seriously if we are talking about non MSM there's A BUNCH who yelled and scream about this 5-10 yrs ago (e.g. Tarpley, PCRoberts)
Not Nobel Prize Winning Paul Krugman...
Krugman: We’re Not GreeceOne of the biggest blowhards in America. He only sucks up to keep social invitations current. Pitiful.
What make sme laugh is KIng understand we are 1/2 way through the crisis. Bernanke just came out in public saying the crisis was over. this idiot is in chage of our monetary policy. he doesn't understand that he had a lot to do with it, and he doesn't understand the spead, etc. Moron. subprime contained, etc. the list goes on and on.
Trial for treason and hanging is what he deserves. Instead he get reappointed for a second term showing just how little we have a democracy. I wish anarchy wasn't the answer, but they aren't going to give up control without it. At least in Greece they know enough to riot when they are getting screwed. we bail out the banks, don't make them take haircuts, etc. and just sit by while we get f'd in the ass by the oligarchy
Krugman....isn't he the guy that said..“Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago” and that “they didn’t do any subprime lending.”
His credibility is a bit low on my list.
papaswamp wrote:
Krugman....isn't he the guy that said..“Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago” and that “they didn’t do any subprime lending.”
His credibility is a bit low on my list.
Barry Ritholtz agrees about F&F.
You will note that the CRA is not part of this sequence. I could find no evidence that they were a cause or even a minor factor. If they were, the housing bubbles would not have been in California or S. Florida or Las Vegas or Arizona — Harlem and South Philly and parts of Chicago and Washington DC would have been the focus of RE bubbles.
Nor do I blame Fannie and Freddie. Now understand, there is no love lost between myself and the GSEs. For years, I have called them “Phoney and Fraudy.” Since George Bush and Hank Paulson nationalized them, I have accused the government of using these two as a backdoor bailout for banks — a hidden PPIP/TARP used to buy all the garbage mortgages that banks are desperate to get off their balance sheets. Longtime readers will recall we very publicly shorted Fannie based upon their fraudulent practices and horrific balance sheet when FNM’s stock was in the $40s (it soon after collapsed).
But even I cannot reconcile reality with the movement to place all of the world’s troubles at the feet of the GSEs. Not, at least, according to the data.
http://www.ritholtz.com/blog/2010/05/rewriting-the-causes-of-the-credit-crisis/
He also said that America doesn't need a strong middle class to be successful.
Yeah, well hell, Paul, lets follow Nigeria's lead.