Ahh... gotta love a bad prediction. I've made a few myself (damn Cubs, and no, the stock market didn't crash this year). But while guessing the exact time of an event can be tricky (Cubs 2018!), laying out the case of why something will happen or is happening is not (goodbye dollar, goodbye housing).
Here are a few gems from the past. Check out Survivingthecrash for a list of Great Depression vs. Housing Bubble doozies:
"There is no doubt that the regime of Saddam Hussein possesses weapons of mass destruction"
- General Tommy Franks, March 22nd, 2003.
"There is no reason anyone would want a computer in their home."
- Ken Olson, DEC Chairman, 1977
"No matter what happens, the U.S. Navy is not going to be caught napping"
- Frank Knox, U.S. Secretary of Navy, December 4, 1941
"My belief is we will, in fact, be greeted as liberators." - Dick Cheney, US VP, 2003
"Fifteen percent is pretty much in the bag for Orange County in 2006," he says. "It's impossible for prices to go down this year." (Note - OC sales down 21%, reported prices off 3% so far)
- Gary Watts, Spokesman Orange Country Association of Realtors, Oct 2005
"In most of the cities and towns of this country, this Wall Street panic will have no effect."
- Paul Block, Block Newspapers, November 15, 1929
"The worst is behind us, as far as a market correction — this is likely the trough for sales" David Lereah, Oct. 2006
December 25, 2006
Posted by blogger at 12/25/2006