 |
|
Thank you for the recommendation on that book, which
Posted on: October 23, 2017 at 13:07:35 CT
JeffB MU
Posts:
64915
Member For:
20.42 yrs
Level:
User
M.O.B. Votes:
0
is online in .pdf format:
Mises on Money, by Dr. Gary North
https://mises.org/library/mises-money
For what it's worth I was getting direct mail from Dr. Gary North warning about the upcoming housing crisis for several years before the sub-prime crash. He was selling his newsletter as I recall.
It all sounded quite reasonable to me and his hypothersis about an upcoming crash in that market made a lot of sense given the facts and figures he gave. But the mainstream financial gurus were touting a very different outlook for the future.
From my standpoint I figured what the heck, those subprime instruments looked too risky for the slightly higher returns vs more traditional investments and I didn't have any nor any interest in buying any so it seemed like it wouldn't have much effect on me even if they crashed as Dr. North and others were predicting, the Austrian's protestations to the contrary notwithstanding.
As the months went by and their dire predictions never happened, it seemed like the mainstream's depiction of them as chicken littles appeared to become a little more plausible, but they kept doubling down, showing even worse financials for those instruments in the next pitch for subscribing to their newsletters... but again months would pass by with... nothing. Actually, the markets kept going up, and the investors in sub prime were still getting a little more interest on their investments than the more traditional options. They cycle kept repeating over a few years or so until... finally IT HAPPENED.
Mises on Money, by Dr. Gary North
https://mises.org/library/mises-money
For what it's worth I was getting direct mail from Dr. Gary North warning about the upcoming housing crisis for several years before the sub-prime crash. He was selling his newsletter as I recall.
It all sounded quite reasonable to me and his hypothersis about an upcoming crash in that market made a lot of sense given the facts and figures he gave. But the mainstream financial gurus were touting a very different outlook for the future.
From my standpoint I figured what the heck, those subprime instruments looked too risky for the slightly higher returns vs more traditional investments and I didn't have any nor any interest in buying any so it seemed like it wouldn't have much effect on me even if they crashed as Dr. North and others were predicting, the Austrian's protestations to the contrary notwithstanding.
As the months went by and their dire predictions never happened, it seemed like the mainstream's depiction of them as chicken littles appeared to become a little more plausible, but they kept doubling down, showing even worse financials for those instruments in the next pitch for subscribing to their newsletters... but again months would pass by with... nothing. Actually, the markets kept going up, and the investors in sub prime were still getting a little more interest on their investments than the more traditional options. They cycle kept repeating over a few years or so until... finally IT HAPPENED.
Please explain why this message is being reported.
MESSAGE THREAD
Thank you for the recommendation on that book, which - JeffB MU - 10/23 13:07:35