While asserting the extremely simple journalistic principle that “Past Records Should Matter In Assessing Views on the Economy,” Dean Baker (Beat the Press, 5/2/09) is willing to admit that
everyone makes mistakes, but the odds are that anyone who couldn’t see an $8 trillion housing bubble is not a really good person to rely upon for predictions on the economy. Joe Nocera gives a quick survey of some radically conflicting forecasts in his [New York Times] column today.
It’s worth noting that all the optimists completely the missed the bubble and the impact that its collapse would have on the economy. At least some of the pessimists, most notably Nouriel Roubini, recognized that the conditions for a serious crisis were being created years ago.
See the FAIR magazine Extra!: “Busted Bubble: The Press Fell Down on the Job on Housing Prices” (11-12/08) by Veronica Cassidy