Who are these people that correctly called the financial crisis? It could be that they are perpetual pessimists. A broken clock if you will...
Who are these people that correctly called the financial crisis? It could be that they are perpetual pessimists. A broken clock if you will...
Also, it's overly optimistic to presume those predicting this recession were just lucky.
No one likes to hear that the party is over, or that things won't go back to the way they were in our lifetimes. During the bubble, people try to marginalize those opinions by calling them "perpetual bears". But we're finding out that they were right. It will probably take years for banks and households to fix the holes in their balance sheets. Even if GDP stops contracting, a "recovery" will likely be so anemic that it will feel like a recession. And job losses will continue to pile up. I'm afraid we haven't hit bottom yet - and maybe aren't even particularly close.