Why Free Markets Make Fools of Us
&gt;Very few economists foresaw the great recession of 2008–2009<p>I just can&#x27;t get past the very first sentence. First, it ignores the realities of both economists and financial insiders who made attempts to blow the lid off of the ARM&#x2F;toxic loan schemes - not unlike pre-Snowden whistle blowers who were equally ignored and erased from history.  Second, even as a 17 year old kid, in 2001, I wrote an economics paper about the impending housing collapse - only I was guessing 2005 not 2008 - based on ARM&#x27;s; 103% financing with 0% down; and stated income.<p>The next thing will be people talking about how very few economists foresaw the issues with reverse home mortgages, or how no regulators foresaw the dangers of equity crowdfunding for non-accredited investors.