19 "It's not just that they missed it, they positively denied that it would happen" (Knowledge@Wharton, "Why Economists Failed to Predict the Financial Crisis"). Compare this with an unfounded apologetic version of events: "It is impossible to predict a stock market collapse . . . [yet] there were many economists who did see that something was seriously wrong: they anticipated that a crash was virtually inevitable" (Backhouse, The Puzzle of Modern Economics, p. 94). Backhouse, a historian, declines to name any of those prescient souls.

Philip Mirowski, Never Let a Serious Crisis …, loc. 2180