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Author: JeffMLittle Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 250287  
Subject: Re: OT: Wealth Date: 3/24/2013 12:34 AM
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It's so common that it's even got a name: Hindsight bias
"A basic example of the hindsight bias is when, after viewing the outcome of a potentially unforeseeable event, a person believes he or she "knew it all along."

There are some things you can call hindsight bias, but I don't think this is one of them. Warren Buffet wrote an article calling these security Financial instruments of Mass Destruction between 1998 and 2000. Stiglitz was another famous person warning of the dangers before they happened. I would say that constitutes foreknowledge. There were lots of writers talking about the coming crash due to these things in the 2004-2007 time frame. Granted they have gotten other things wrong, but no-one who is widely read should have been completely surprised by these things.
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