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Feb 19 2009

Famous last words?

Published by at 9:15 am under More News,Opinion

Anyone who is so confident in uncertain times and sees the road so clearly in the storm, can only fall on his nose.

4 responses so far

4 Responses to “Famous last words?”

  1. adminon 19 Feb 2009 at 8:06 pm

    The one says it’ll be over in a jiffy, the other says it won’t…who to believe? I think this guy. And I think what Roelof Botha said, will hang around his neck for a long, long time to come. In fact, he may go into his grave as the economist who called it “a little turbulence”.

  2. adminon 21 Feb 2009 at 12:28 pm

    This Marketwatch article shows quite clearly how close we are to the edge. One wrong move now, and the system is gone (including the South African part of the system.)

  3. adminon 04 Mar 2009 at 8:20 am

    Agterosse kom ook in die kraal…

  4. adminon 17 Mar 2009 at 10:40 am

    Sorry, but I can’t resist this.

    Background: Ever since the banking crisis hit the global economy with all its might in the second half of last year, South African private and public economists have consistently been saying “it’s their problem, not ours”, meaning the SA economy will coast through the crisis mostly unscathed.

    Not so long ago, senior journalists were still debating the question “are we facing a recession, or not?”.

    I’ve constantly been saying the contrary: tough times await the SA economy. For instance, property prices will fall another 30 to 50% in nominal terms (Yes, I know the bank economists have recently said the bottom might have been reached, but that’s the problem: they are bank economists.)

    For the first time reports started coming in today showing that SA’s economists have now also arrived in “reality street”.

    Welcome, welcome…make yourselves at home. You’ll notice, you’re not alone. In fact, the whole world’s economists have already been here for quite a while now…

    This here is an “early arrival” to “reality street”. Most others still have to adjust their growth forecasts from positive to negative. And even this early arriver’s -0.5% is still too optimistic.

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