Some economists I know, advised their bank to buy Russian and former-soviet-countries bonds, when Russia defaulted they learned no bonds were ever bought and the broker was actually bogus. An economist I know started a fund to invest in spot forex (nonregulated market), with severe losses to date. An economists association invested in a obvious Ponzi scheme, and lost it all. I'm starting to see a pattern: economists are too greedy, yet ignorant?
Maybe because they are schooled in the "theory" of economics, which don't always play out correctly on a micro basis.
My undergrad degree is in economics, but I know I can never use it to speculate in markets. It only gives me a broader framework to work within. What most economists that fail don't to realize is that the current situations can stay outside of what their models/beliefs say should be longer than their account/capital can.
Do you have a link to the economist who started that fund and the association that invested in the obvious ponzi scheme ?
I know this because I personally know this economists. Dont know if this appeared in the news or not. I could post a link to the bank and fund that lost money, but I would rather not to, as my last name (Garcia) is in my ET nickname, and they could readily identify me. Don't like backbiting. Let's focus in the fact that many economists I know have fallen into scams.