Can someone explain to me how someone with supposed expertise in World Financial Markets and Management, being paid over one million dollars per annum, who informed the Australian public that interest rates would not rise until at least 2024 and has since hiked them several times with more to come, still has a job?
Wouldn't you think when he was asked about the possibility of a cash rate rise he would have had the nous to just give a non committal answer and say something along the lines of "it's all up to the markets blah blah" instead of telling the public that they would remain historically low?
What do these people have to do to get the boot?
Leave the politics out or it will soon be shut down.
Can someone explain to me how someone with supposed expertise in World Financial Markets and Management, being paid over one million dollars per annum, who informed the Australian public that interest rates would not rise until at least 2024 and has since hiked them several times with more to come, still has a job?
Wouldn't you think when he was asked about the possibility of a cash rate rise he would have had the nous to just give a non committal answer and say something along the lines of "it's all up to the markets blah blah" instead of telling the public that they would remain historically low?
What do these people have to do to get the boot?
Leave the politics out or it will soon be shut down.
Someone once said, if you line up all the world's economists, arms outstretched, you still wouldn't have enough to reach a conclusion. I think it was my economics teacher who said that there was an economics professor who set the same exam every year, but every year the answers were different.
-- Edited by dorian on Friday 10th of February 2023 06:04:43 AM
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"No friend ever served me, and no enemy ever wronged me, whom I have not repaid in full."
Can someone explain to me how someone with supposed expertise in World Financial Markets and Management, being paid over one million dollars per annum, who informed the Australian public that interest rates would not rise until at least 2024 and has since hiked them several times with more to come, still has a job?
Lets be brutally honest here. He's not on his Pat Malone when it comes to predicting the financial future and getting it seriously wrong. Even with absolutely no Financial market expertise and a distinct lack of psychic ability, I'd suggest that my predictions around the share market, interest rates and housing prices have been as accurate as anybody elses.
In my opinion, Its not his job to predict the future, its his job to make sure there is a future. Something that would be a hell of a lot easier if there wasn't numptys like Karl Steffonovic looking for ratings by pretending to be the champion of the people
Economics is a single-digit "science". -----------------------------------------------
Mini rant follows: A science? Hmmmm. Whether a science, art or something else it has probably become the most significant thing which impacts our lives over my lifetime. Economists are the interpreters & voices of The Economy, that thing which today is God. They like to call economics a science to give it some legitimacy. Economics seems more akin to a religion to me.Economists have become the high priests of modern capitalism - that thing where success equates to growth, which brings profits to a minority in our finite world. Like all religions faith & belief are prominent as is proselytising. Economics on the whole is blind to many factors which inevitably affect the markets it claims to understand, particularly anything which cannot fit into economic models of life. Things such as happiness, contentment & compassion, belonging etc. Arguably the most important things in our lives are assigned no value by economics, & yet economics has a place of supreme importance. It is of little surprise therefore that the natural world around us continues to be degraded whilst the acolytes of The Economy continue to preach it's importance. This has become so ingrained in western cultures that it is difficult to see the world from any other perspective. It's why extinctions across the entire natural world continue to accelerate, & natural things which are viewed only as economic resources continue to dwindle at the expense of us all. We all have our faith placed in this 'religion' masquerading as a science which is effectively only there to support our ongoing destruction in the name of profits for a few. It's all powerful nature has left us with no alternatives. Economics -pah! Mini rant ends.
-- Edited by Cuppa on Friday 10th of February 2023 11:28:13 AM
