> It’s a story few could have foreseen
It's been a while since I've read a sentence that ignorant in financial news. Everyone saw this coming - we all just disagreed on the timing.
It's been a while since I've read a sentence that ignorant in financial news. Everyone saw this coming - we all just disagreed on the timing.
Why self flaggate when you can pretend it was a surprise instead?
Why so many people, even institutions, kept arguing otherwise baffles me. It's like CNN telling us to stick a fork in a light socket, their experts are sure it won't shock us this time.
They have no respect for you or your intelligence and they want you to feel scared. The goal of propaganda is not to convert you to anything it is simply to convince you that you are alone, so that you won't have the courage to point out the emporer is wearing no clothes.
Who is "they" here? Because this is a very strange timeline/explanation of inflation and bears very little resemblance to what people who matter were actually saying.
The only part that Central banks really got wrong was that inflation that was originally driven by pandemic driven supply chain issues would be transitory. And they openly admitted they were wrong and course corrected very rapidly.
The immortal Mesopotamian space lizards obviously.
I love the part of the game where we all pretend then that we didn't actually see what we saw and that the reality we saw wasn't real.
Like when everyone said that "no one ever said masks are ineffective", or "the vaccine will be the end of the pandemic " my personal favorite was "2 weeks to slow the grow", the only one better than that was "when we said Russia hacked the election we only ever meant that people in Russia also supported Donald Trump we never meant anything ridiculous by that".
Although who can forget the iconic "firey but mostly peaceful protests" that consumed large swathes of America.
Violence in 2020 protests was limited to several cities but people who live in BFE saw Jesse Watters tell them about the end of the empire.
CDC recommended against masks early on and I resent that for it being incorrect info even if they were doing it for a net good. But also because it gives conspiracy theorist lie-mongers oxygen.
There are many forces and policies that control housing prices in the US but one thing is obvious: it's subject to insane booms and busts.
I think it was here on HN I first saw the expression "Pessimists get the benefit of being right, optimists get the benefit of being rich."
I generally consider myself a pessimist (well I think I'm realist...) but I somewhat agree with this logic.
What really happens is that (especially) institutions have to make money today. If you're in a bubble, and know you're in a bubble, philosophically it is quite correct to point out that everything around is is built on shaking foundations and will collapse. It can be maddening to see others not understand this.
But if you're the one in change of a fund, and we're in a bubble, you can't simply not participate because their is still money on the table and your job is to grab it while you can.
It doesn't benefit financial institutions to see bubbles or question fundamentals because it may make you hesitate when you should be focused on getting that next increase.
There's skill involved, I'm not saying otherwise, but lets be honest about what's really going on in the vast majority of cases.
Right, but "this time it'll be different. I'm getting in on it early."
Hell, a lot of this got called out before Covid really picked up steam. No one knew exactly what it would look like, but they knew it was coming.
These people were just playing chairs and thought they wouldn't get caught standing when the music stopped.
So yeah, when they say "it's a story few could have foreseen" they are definitely talking about the timing.