08
Oct
With everyone focussed on who is to blame for the recession and with the modern day bankers taking the brunt of the battering we wanted to know if anyone out there saw this coming? So here is a list of 10 people that we should all be listening to when they say get the hell out of there, NOW!!
Chris Wood
Back in 2005, this seemingly well informed strategist gave the cunning advice to basically get out of all American mortgage security markets. This was followed in 2007 by a note on the UK economy, simply stating “[The UK economy] is heading for a sharp shock”
Nouriel Roubini
An economics lecturer at NY University declared financial intuitions such as Fannie Mae would feel the full impact of a financial crisis which he felt was brewing in 2006. With trillions of dollars in mortgage securities being lost the world over with prediction could be one of the most detailed and accurate.
Nikolai Kondratiev
Do “The Kondratiev Waves” mean anything to you? This term is coined from the late Nikolai Kondratiev who famously stated that western financial economies are built on cycles of 60 years before heading south. The Wall Street crash backed up his theory and although slightly out the recent ‘dip’ plays into this great man’s undeniable theoretic principles.
Dr Taleb
The black swan prediction is one that underlines the fact that you must take into consideration the worst case scenario, albeit very rare occasions but ones that will no doubt have a huge impact. This seems a bit of a shallow comment but none the less he states these previous comments are predictions of this economic situation and he has some high profile names chasing him for advice!
Vince cable
The second in charge at the Lib Dems seemed to hit the nail on the head when he posed an astute question to Gordon Brown:
“The growth of the British economy is sustained by consumer spending pinned against record levels of personal debt, secured against house prices that the Bank of England describes as well above equilibrium level……………. What action will the Chancellor take on the problem of consumer debt?”
The question was duly ignored and brushed under the carpet, enough said!
Laura Day
We had to include one (or two) out there approaches, Laura Day takes the psychic route, with no formal business training she is employed by some of the leading fund managers to help them make the right decision with her ability to predict markets. Sounds crazy but she has made million doing what she does and was credited with informing her clients of the credit crunch which is why she still has a job even when the times are rough.
Peter Schiff
The economic advisor put the ‘basic principle’ out via a congressman in 2003 that the heavier the government relied on the banks the higher the risk of a housing market crisis, simple, right? This was down to the fact that banking organisation are operating under via false market conditions that weren’t sustainable.
Stephen Roach
Having been ignored in 2004, he went on to slate the banks for not being able to spot and decrease the impact of the global crisis. His 2004 prediction was one that took into consideration the American account and government deficits, a somewhat bitter sweet moment for the exec.
Henry Weingarten
This could be frowned upon but the fact is that Henry has been accredited to making numerous correct prediction regarding financial matters. Mr Weingarten is in fact an astrologer who stated the oncoming of a major financial downturn in early 2007! Take from this what you think? His previous work seems to speak for itself.
Housepricecrash.co.uk
Apparently set up for the sole reason to tell people of the crisis and to balance out all of the positive coverage of the housing market, it came with a warning of a massive housing crisis like we had never seen before. Can’t really argue with that!
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