The Liars' Poker: Economists Explain Why Hints of the Economic Crisis Eluded Them

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The adlibbed comments are owned and not copyrighted by TRCO.

Host: Jim Lehrer & Paul Solmon

Economists interviewed:
Robert Schiller, Yale University
Alan Blinder, Princeton University
Caroline Hoxby, Stanford University
Zvi Bodie, Boston University
Frank Levy, Massachussets Institute of Technology
Joseph Stigliz, Columbia University
William Darity, Duke University
Ken Arrow, Stanford University
George Akerlof, UC Berkeley
Andrew Lo, Massachusetts Institute of Technology
Martin Feldstein, Harvard University
Laura Tyson, UC Berkeley

Lots of philanthopy to avert blame.

Transcript:
http://www.pbs.org/newshour/bb/business/jan-june09/economists_01-09.html

Category:

News & Politics

Tags:

• dishonesty
• ethics
• cost of living index

[ComradeSephiroth]

As wages stagnate and home prices soar, more and more people will be priced out of the market. Normally this would kill demand and prevent a bubble. But thanks to bad lending/borrowing practices and speculative home buying, it was allowed to go on to ridiculous levels.

[mandatum]

Good, God. Most economist are idiots! Pathetic.

[sang3Eta]

Looks like a big racket to me, you create the problem (bad loans) and sell the solution (AAA rated debt swaps) everyone inbetween is making fees. RICO law was created to jail gangsters who ran such racketeering.

[pretorious700]

PBS is a joke.

[pretorious700]

@mandatum No, most keynesian economists are just tools of the state. They say whatever the government wants them to say.

[t4705mb6]

PBS is a gatekeeper network for the left. They lie outright and they lie by omission.PBS gets it's marching order from the world elites, same as the other state propaganda machines. They are experts at twisting and stretching reality to fit their target audience. Good examples of the control NWO masters have over PBS is their incessant repeating of the Warren and 911 Commission's findings - KNOWN lies! What you ACTUALLY get is FOX "NEWS" but with chocolate syrup and a cherry on top.

[Berialavrenti]

are there studies showing the relation between housing prices and the economy in the sense what level of economy can carry which housing prices?

[RuggedLike]

Problem = short termism incentives within financial sector.

[therealcaptobvious]

let's put it this way. I avoided A LOT of trouble that many of my peers got into.

I avoided that ring of fire like the plague.

[ozdillon]

As you saw this coming you must of made a fortune. Did you buy some CDS in Lehman Brothers.

[therealcaptobvious]

It depends on which PHD you heard. most of them aired on MSNBC and the like are Sr Advisors for JP Morgan. Note, they were working for JP Morgan and trying to sell investments.

[therealcaptobvious]

i dind't have the software prior to this year.

I'm not sure if you have been paying attention. Any random person called it out when the average real estate in one city is valued at $500,000 and the average annual household salary there was $47,000.

After the dotcom bust.

Also, in one of the video about Lehman Brothers one guy wrote that we all saw it coming.

We saw the foreclosures start after Bernanke raised the interest rates.

You don't need to be a soothsayer to see it.