Wynne Godley was one of the economists who is credited for getting it right. But Jan Haztius, following Godley's lead did, too, although he is seldom credited for it outside of financial circles. It is well-known that Hatzius brought Wynne Godley's SFC macro modeling to GS. Haztius was named chief economist in 2011, no doubt due his record of many correct calls using the sectoral balance approach to macro modeling.
Jan Hatzius - Der Pessimist, der recht behältm
Financial Times Deutschland - 24.09.2008
ASU News - October 05, 2009
ASU News - September 28, 2011
Joe Weisenthal | Business Insider - Dec. 10, 2012
The Got It Right Project of AFEE — the Association For Evolutionary Economics lists many more "nobodies" that got it right, too:
Articles with direct references to key institutional failures of the 2008 meltdown. Listed by Date.
March 1996: Brent McClintock, “International Financial Instability and the Financial Derivatives Market.” Journal of Economic Issues 30(1) pp 13 -32. (Contributed to this site by Eric Hake) http://personal.carthage.edu/bmcclintock/derivativesifi.pdf
1998 Brooksley Born, testimony as as head of the commodity futures trading commission. http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4221335
1999 Senator Byron Dorgan on the senate floor in opposition to the repeal of Glass-Steagallhttp://www.huffingtonpost.com/2009/05/11/glass-steagall-act-the-se_n_201557.html
February 1999: Jerry Jordan, member of the FOMC quoted in the FOMC minutes as saying "There are people making real estate investments for residential and other purposes in the expectation that prices can only go up and go up at accelerating rates. Those expectations ultimately become destabilizing to the economic system."http://www.federalreserve.gov/monetarypolicy/files/FOMC19990203meeting.pdf (Contributed to this site by Stephanie A. Kelton)
2000: L. Randal Wray, “Can the Expansion Be Sustained? A Minskian View. “http://www.levy.org/pubs/pn00_5.pdf (Contributed to this site by Eric Tymoigne.)
March 2000: Godley and Wray “Is Goldilocks Doomed?” Journal of Economic Issues 34(1) p. 201 – 206. (Found by Dirk J Bezemer) (prediction of the last downturn before it happened)
July 6, 2000: Wynne Godley, “Drowning in Debt.” http://www.levy.org/pubs/pn00_6.pdf (Contributed to this site by Eric Tymoigne.)
October 2001: L. Randal Wray, “Are We All Keynesians (Again)?”http://www.levy.org/pubs/pn01_10.pdf (Contributed to this site by L. Randal Wray)
2002: Dean Baker, “The Run-Up in Home Prices: Is It Real or Is It Another Bubble?”http://www.cepr.net/documents/publications/housing_2002_08.pdf (Found by Dirk J Bezemer)
2006: Michael Hudson, “Saving, Asset-Price Inflation and Debt-Induced Deflation” in Money, Financial Instability and Stabilization Policy Edited by Randal Wray and Mathew Forstater. (Contributed to this site by Glen Atkinson)
2006 : Wynne Godley and Gennaro Zezza, “Debt and Lending: A Cri De Coeur.” http://www.levy.org/pubs/pn_4_06.pdf (Contributed to this site by Eric Tymoigne.)
May 2006: L. Randal Wray “Can Basel II Enhance Financial Stability? A Pessimistic View.”http://www.levy.org/pubs/ppb_84.pdf (Contributed to this site by L. Randal Wray)
December 2006: Stephen Keen, “The Lily and the Pond.” http://evatt.org.au/news/445.html (Found by Dirk J Bezemer)
January 2007: L. Randal Wray “Demand Constraints and Big Government.”http://www.levy.org/pubs/wp_488.pdf (Contributed to this site by Randal Wray)
2007: Christopher Brown “Financial Engineering, consumer credit, and the stability of effective demand”, Journal of Post Keynesian Economics, Vol. 29, No. 3, Spring, pp. 427-53.
August 2007: Eric Tymoigne “A Hard-Nosed Look at Worsening U.S. Household Finance.” Published in Challenge 50(4), P. 88-111. http://ideas.repec.org/a/mes/challe/v50y2007i4p88-111.html(Contributed to this site by Eric Tymoigne.)
December 2007: L. Randal Wray “Lessons From the Subprime Meltdown.”http://www.levy.org/pubs/wp_522.pdf (Contributed to this site by L. Randal Wray)
April 2008: L. Randal Wray “Financial Markets Meltdown: What Can We Learn From Mynsky?”http://www.levy.org/pubs/ppb_94.pdf (Contributed to this site by L. Randal Wray)
June 2008: Hyman Minsky (Foreword by Randal Wray), “Securitization.”http://www.levy.org/pubs/pn_08_2.pdf (Contributed to this site by L. Randal Wray)
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