"But to be taken to task for having rightfully proven that much of
America is perched too precariously on too big of a pile of debt — and
that this housing thing wasn’t and still isn’t totally “contained” — is
simply, well, wrong-headed.
(I can still see Larry Kudlow rolling his eyes at me, on set at CNBC,
when I would mention, for the umpteenth time, the significance of the
looming mortgage mess — and that this mess would extend beyond subprime
to cut across all FICO scores; notice that neither Barry nor I have been on his show lately.)"
Now, I’m friendly with Larry, and would never want to embarrass him on the air — but Herb is not the first person to make this point. Indeed, several other people — including some from CNBC — have also noticed, and commented, on that coincidence.
During the past year, on air, several of Larry’s guests have told me:
- I was too real estate obsessed (2006);
- Sub-prime was contained; (2007)
- Real Estate didn’t matter; Its a small portion of the economy (2006/07)
- The economy is fine (really) (2008)
The last was also the title of a recent self-delusion in the oft-hallucinatory WSJ Op-Ed pages.
Cognitive dissonance can be a bitch . . .
Too Negative — Who, Me?
Marketblog, 7:51:47 PM January 27th, 2008
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For those of you who have been wondering, here is the data on the 2007 Benchmark Revision. The good news is when looking at the total employment situation, believe it or not, BLS was pretty accurate. Their models of employment came within 0.2% of the actually measurement of jobs. Where they fell down was accurately…Read More