How couldn't experts see 2008 was coming? I understand normies

what is the chart?

NO I mean understanding the factors involved such as low income people having loans approved.

how is this graph comparable to what is happening heute, today?

I literally don't know what it was just reverse image search it.

When it's going to happen is anyone's guess, but in 2007 there were people predicting a major crash due to subprime mortgages and other factors. I feel like the same logic can be applied to a lot of shit going on in the market right now, but again, who knows when the "correction" will occur. I have a gut feeling it won't be until after 2020...election year *cough cough*

>but in 2007 there were people predicting a major crash due to subprime mortgages and other factors
false, no one did expect it in 2007

The problem with economics are that categories are poorly defined and politically motivated. Imagine I create a very complex model where I use things like "unemployment", "inflation", "gdp growth", etc. But because I am politically motivated to make the government look good, I consider everyone that has worked 1 day in the past 3 months as employed, I measure inflation only in the things that haven't gone up in price that much, and misreport growth inflating it with public works especially designed for that, like China does.

Then I run the model but the results are completely different from reality, is it because the model is shit or is it because the inputs were shit?

Economics can work much better than it does today, but for that we have to take it away from keynesians and from publicly funded or accredited universities. As always the problem is the government.

What does this chart represent

...

You're legitimately correct. Modern economics is all about looking at the data through whatever customized lens makes it look the way you want it to, not necessarily the way it actually is. While looking through that lens you also tend to neglect the other 99.9% of the picture. Sometimes that's done by mistake and others, possibly most of the time, it's done deliberately. There is way too much cult-like behavior in modern society in general, but especially too much in academia.

o you think we can grown economically for how much time?
Average joe screams out about recesion, does this mean recession will never come?

This is most of it. There's too much refusal to admit fault, too much wishful thinking, and that's why they always claim "this time is different" when signs point toward a downturn. A lot of our economic policies over the past century were made under the promise of greater economic stability and a decline in the boom-bust cycle, but no such future has manifested. They won't accept responsibility for that and continue to teach that these policies were factual and positive.

you mean debt based economics
Austrian economics is science

Because the very premise of “experts” being able to “predict” anything in the markets is a complete farce. There are no models, none of the metrics mean anything.

In fact the best way to survive if you are an “expert” is to say the same thing as all your peers. The first guy to speak up sets the direction. It is much safer to just agree with him because if you both turn out to be wrong neither of you will be punished, it’ll just be one of the many unpredictable anomalies that comes out of nowhere. If you disagree with him and he turns out to be right, people stop calling you an expert.

*blocks your path*

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They did. And they rigged themselves a win.

Most everyone knew there was a problem with the housing market, however, nobody knew the timing.