The Worst Economic/Financial Predictions of 2008
Some magazine is compiling a list of the worst calls of 2008, and they asked blogger Barry Ritholtz for nominations. Naturally he queried the blogosphere, which responded in droves and will make the magazine's list superfluous for many when it finally appears. Nominators are very enthusiastic about Jim Cramer and Larry Kudlow. Bill Miller also makes an apperance. A few of the nominations so far:
E Says:November 23rd, 2008 at 7:00 pm
Technically, this was in 07, but it was so spectacularly bad that it should be considered:===========================
The Recession Debate Is Over [Larry Kudlow, December 2007]
There ain’t no recession.
Today’s ADP private jobs survey of 189,000 could produce a 200,000 non-farm payroll job gain for November. I don’t know — these wacky BLS numbers are subject to huge revisions. But the ADP was a huge number. In fact, jobs seem to be picking up major steam from their August low, rising in September and October. And now I’m expecting a good increase in November to be reported by the BLS this Friday.
F. Horne Says:November 23rd, 2008 at 7:18 pm
I would like to propose an entry for the Bad Call Hall of Fame:Larry Kudlow’s repeated gloating assertions back in 2003 or so, that the Iraq War would pay for itself with its own oil revenue. He presented the war–which was then prospective–as a leveraged buyout.
Marcus Aurelius Says:
November 23rd, 2008 at 7:20 pm
“The fundamentals of our economy are strong…”- George W. Bush
Scott F Says:
November 23rd, 2008 at 8:03 pm
Don’t hate investment bankers for raking in millions. Invest in their absurdly profitable (yet still undervalued) outfits and share the wealth.* By James J. Cramer
* Published Apr 30, 2007jswede Says:
November 23rd, 2008 at 8:12 pm
Cramer most famously called July 15th the bottom - with conviction, and more than a few times, in several outlets. I recall a good half-dozen, of not a full dozen, doing the same in Aug though.Rightline Says:
November 23rd, 2008 at 9:40 pm
Don’t have any links right now but my pick is Bill Miller. Constantly calling the bottom and doubling down into the hole on FNM FRE, and anything housing or financial. His top 10 holdings 2008 was a who’s who to short list.
