The Wisdom of Spanish Banks 9-10-09

Now the banks and associations have emitted a report saying that since1997 the value of residential property has quadrupled, reaching its peak in 2007. The report states that in their opinion this inflation was one of the causes that led to the real estate crisis. This report proves that economists are people highly qualified to predict the past but who do not have the faintest idea about the present of indeed what the future will bring to the economy as a whole.