Another Tack: Permanently High Plateau, by Sarah Honig (Jerusalem Post)
“The collapse that threatens us… is far more horrendously final than insolvency, with no comebacks or meaningful retrospection likely thereafter.”
Excerpts;
Once upon a time there was a very prolific star economist named Irving Fisher. Always inordinately confident of his astute clairvoyance, he was among the forerunners of the modern breed of celebrity financial gurus.
His most famous prediction – in October 1929 – was that “stock prices have reached what looks like a permanently high plateau.” But a mere few days later, alas, reality confoundedly interfered with Fisher’s rosy forecast and the stock market uncooperatively crashed.