&gt; &gt; Very few economists foresaw the great recession of 2008–2009<p>&gt; 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.<p>Yeah, whether it was tied specifically to those particular <i>schemes</i> or not, <i>lots</i> of economists were predicting an imminent severe recession -- including <i>both</i> notable Austrian-school economists <i>and</i> notable neo-Keynesians -- driven by a collapse in the housing market bubble.