The seers who saw it coming

Quite befitting to retract my harping on failure of so called wise men.....

Madman who was a Prophet.

Probably knowledge is meant to be obscure. Even in the current information-age, so much of noise around doesn't help.

To give due credit, most government in recent crisis adopted Keynesian policies(stimulus) and it worked indeed. This is an open debate though, whether recent recession would have been more severe in absence of such measures. Also where is the reconciliation between Adam Smith's invisible hand (policies of Laissez Faire) and heavily employed mechanism of: 'Lender of Last Resort'. Further fuelling the fire is the blame: are some too big to fail.

Still, public fury notwithstanding, probably the likes of Goldman Sachs would have done equally well without Government Funding.

FT Man of the year

Further a good read on how crisis was weathered: Here