Mate, you absolutely got me there regarding the credibility of investment banks. I absolutely agree with you. I must admit I meant to write economists, not investment banks, as I share your sentiments regarding the latter.
Most investment banks and their analysts have only money making as their moral code and couldn't predict the colour of burnt toast, let alone how the current crisis will unfold, and even if they could, they wouldn't share it with the market.
The GFC should have taught us all a lesson for life on the credibility of banks, investment banks, and rating agencies.
Again, my bad, I meant to write economists. A group of British economists recently predicted that the UK economic output will fall by up to 35%, as opposed to the mere 7% during WW2.
Mate, you absolutely got me there regarding the credibility of...
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