Posted November 4, 2013
The Outsiders Who Saw Our Economic Future
Wall Street Journal: The experts keep getting it wrong. And the oddballs keep getting it right.
Over the past five years of business history, two events have shocked and transformed the nation. In 2007 and 2008, the housing market crumbled and the financial system collapsed, causing trillions of dollars of losses. Around the same time, a few little-known wildcatters began pumping meaningful amounts of oil and gas from U.S. shale formations. A country that once was running out of energy now is on track to become the world's leading producer.
What's most surprising about both events is how few experts saw them coming—and that a group of unlikely outsiders somehow did. Federal Reserve chairmen Alan Greenspan and Ben Bernanke failed to foresee the financial meltdown. Top banking executives were stunned, and leading investors such as Bill Gross, Jim Chanos and George Soros didn't fully anticipate the downturn.
Read more: http://on.wsj.com/172n4PZ
More industry news:
- Five Charts that Explain the Great Energy Shift: http://bit.ly/1b0qbui
- Pennsylvania County Budgets Give New Meaning to the Term ‘Shaleonaires’ http://bit.ly/1b7qBxD
- Drilling Efficiency a Key Driver of Oil and Natural Gas Production: http://1.usa.gov/HrFXp5
- The Forgotten Families in the Fracking Debate – Ban Would be Unfair: http://bit.ly/17Ceygv
- Canadian Oil Rides South Even Without Keystone XL Pipeline: http://cnb.cx/1b0qzsL
- Can Biofuels Make Your White Castle Slider More Expensive? http://bit.ly/HrFvXT
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.