Monday, December 29, 2008

Worst Article Of 2008

One Peter Coy has an article of the worst predictions of 2008. Some are spot-on, but there are others that miss the mark by a wide margin. To wit:

"I think this is a case where Freddie Mac and Fannie Mae are fundamentally sound. They're not in danger of going under I think they are in good shape going forward." -- Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008

Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.

Exactly right, and surprising to see Frank finally being held accountable in the media.

"The market is in the process of correcting itself." -- President George W. Bush, in a Mar. 14, 2008 speech

For the rest of the year, the market kept correcting and correcting and correcting. Bush was right?

"I think you'll see (oil prices at) $150 a barrel by the end of the year" -- T. Boone Pickens, June 20, 2008

Oil was then around $135 a barrel. By late December it was below $40.

Not mentioned is that crude oil prices did nearly reach $150/barrel, but much quicker than Pickens suggested, only to fall off quickly thereafter.

A Bound Man: Why We Are Excited About Obama and Why He Can't Win, the title of a book by conservative commentator Shelby Steele, published on Dec. 4, 2007.

Mr. Steele, meet President-elect Barack Obama.

Of course, Steele's book concerns more than just Obama's ability to get elected. It, in large part, deals with the difficulties Obama faces in carrying out his agenda. I wouldn't argue whether Steele is right or wrong, although some of those difficulties are already showing through before Obama has even taken office. If Coy had done anything more than read the title, he would know that.

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