James K Galbraith: We Told You So

Like many Americans, I was doing everything I could to help elect Barack Obama…. To economists in my own circle, it had long been clear that the financial crisis then unfolding was an epic event. … In August 2007 we knew the meltdown had begun…. …. …. The meeting had no political connection, but one result was a long memorandum, which I sent in early July to the Obama team. I do not know whether, or by whom, my memo was read. Not the slightest word came back. Yet the memo disproves the notion that nobody knew. To the group in Paris, three months before Lehman, what I wrote was obvious. It was our consensus view.

                                    ...............................James K. Galbraith