>That being said, I am glad that presentation ended up being wrong, just as I am glad the Cuban Missile Crisis did not turn into a full-blown nuclear war.
The presentation wasn't wrong it was dead on. It's just that the massive Federal Reserve intervention and US Government stimulus prevented the worst.
Similar to Y2K - lots of noise was made about it, while thousands of engineers worked around the clock fixing it, so that when it finally happened it was a nonevent.
In both cases, people who accuse the warners of crying wolf after the fact seem oblivious to the scope and nature of the problem and the effort it took to fix.
Though in the case of the financial crisis, it's not fixed. The trillions of non-performing debt has simply been shifted from private to sovereign balance sheets, and the crisis continues.
Some or all of it will default eventually, there's no way around that. It's only a question of whether it's a managed, orderly, gradual default, or an acute chain reaction collapse.
The presentation wasn't wrong it was dead on. It's just that the massive Federal Reserve intervention and US Government stimulus prevented the worst.
Similar to Y2K - lots of noise was made about it, while thousands of engineers worked around the clock fixing it, so that when it finally happened it was a nonevent.
In both cases, people who accuse the warners of crying wolf after the fact seem oblivious to the scope and nature of the problem and the effort it took to fix.
Though in the case of the financial crisis, it's not fixed. The trillions of non-performing debt has simply been shifted from private to sovereign balance sheets, and the crisis continues.
Some or all of it will default eventually, there's no way around that. It's only a question of whether it's a managed, orderly, gradual default, or an acute chain reaction collapse.