Krugman notes that Wall Street's reputation for predicting is poor; witness their inability to foresee or recognize the housing bubble.
But why would Wall Street's predictions, or any other communications with the punters (us), be designed to predict? Aren't they instead designed to get the masses to behave in ways that are favorable to Wall Street? I mean isn't there an actual reason that rich are still getting richer?
Krugman notes that Wall Street's reputation for predicting is poor; witness their inability to foresee or recognize the housing bubble.
ReplyDeleteBut why would Wall Street's predictions, or any other communications with the punters (us), be designed to predict? Aren't they instead designed to get the masses to behave in ways that are favorable to Wall Street? I mean isn't there an actual reason that rich are still getting richer?