Favourite Ferguson Fib
So here’s my little archived contribution to Ferguson-bashing:
[E]conomic volatility has declined markedly since the 1970s……Recessions are happening less often, and when they do, they are not too steep and not too protracted’ .
Ferguson, Vanity Fair, January 2009:
Two and a half years ago [July 2006] I decided to write this book, because I was sure that this financial crisis was going to happen, and the reason I was sure was because people kept coming up to me—whether it was investment bankers or hedge fund managers—telling me that volatility was dead that there would never be another recession. I just thought, ‘These people have completely disconnected from reality, and financial history is going to come back and bite them in the ass’.
History just bit you on the ass, Niall mate.