Why were economic experts unable to predict the subprime mortgage crisis?
According this New York Times article, many economists were able to predict the current economic crisis. But they had to be careful not to predict it too loudly or too assertively. The author of this article only says that the critics kept quiet in order to maintain ‘dignity’ and ‘stature’. And he doesn’t really explain, why so many people in power were against such criticism? And why the critics had to be so careful about what they said? Perhaps this author is also trying to maintain his ‘dignity’ and ‘stature’. And that’s why he doesn’t say the obvious. And the obvious explanation is that lots and lots of bank executives and various other people were making loads and loads of money from muli-million dollar salaries and bonuses. And these people were likely to savage (verbally speaking that is) anyone who stood in their way and said that all of their loose lending and bonus making for themselves was wrong. When people are literally getting paid millions and millions of dollars to do s
