this post was submitted on 04 Aug 2025
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Chapotraphouse
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To be fair, since economics degrees are for idiots and we know the economics they teach don't work, it's smart to not put such people in charge.
No economic model predicted the 2008 recession despite it being blindingly obvious that you can't create millions of expensive mortgages with rock bottom rates and expect everything to be fine when the rates go up.
The only reason it wasn't predicted and found out was that regular people, who could immediately grasp the problem, had that shit hidden from them, while the bankers were hoping/assuming that lightning wouldn't strike them in particular.
This is some of the most depressing shit to process.