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The 10 Worst Economic Predictions Ever

Tyler Durden's picture





 

From Bernanke's infamous 2008 "not forecasting a recession" call to Fannie Mae CEO Franklin Raines 2004 "subprime assets are riskless" commentary, the following 10 "predictions" - as opposed to Wien "surprises" - will go down in infamy for their degree of errant-ness...

 

10) Ben Bernanke, 10th January 2008 - "The Federal Reserve is currently not forecasting a recession."

A few months later, United States entered one of the wort recessions ever.

9) Herbert Hoover 1928: "The United States are nearer to the final triumph over poverty than ever before in the history of any land."

The Great Depression started a year after. Stocks lost almost 80% under his presidency.

8) James Glassman & Kevin Hassett (writers of the book : DOW 36000), 1999: "Stocks are now in the midst of a one-time-only rise to much higher ground–to the neighborhood of 36,000 on the Dow Jones industrial average."

According to their estimates, the Dow Jones was supposed to reach 36,000 points. The following years were marked by the Internet bubble, the Dow went down from 10,000 (book edition) to 7,200.

7) Georges W. Bush, 15th July 2008: "We can have confidence in the long-term foundation of our economy... I think the system basically is sound. I truly do."

This sentence was pronounced exactly two months before the bankruptcy of Lehman Brothers.

6) Donald Luskin (US investment guru), 14th September 2008: "Anyone who says we’re in a recession, or heading into one—especially the worst one since the Great Depression—is making up his own private definition of 'recession'."

According to Luskin, Obama deliberately worsened economic figures to discredit McCain for the presidential election that took place two months later. Lehman Brothers filed for bankruptcy the next day.

5) Irving Fisher (economist), 15th October 1929: "Stock prices have reached what looks like a permanently high plateau."

The crash of 1929 began the following week, the Dow Jones losing up to 85% of its value from the "permanent plateau"!

4) David Lereah (US economist), 12th August 2005: "I truly believe the housing market will continue to expand. But rather than the double-digit price appreciation we’ve seen, we might see that drop to a 5 or 6 percent appreciation sometime toward the end of next year."

Real Estate prices fell sharper between 2006 and 2008 than during the Great Depression.

3) Joseph Cassano (Head of Financial Products at AIG), 2007: "It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would see us losing one dollar in any of these Credit Default Swap transactions."

The following year, AIG was rescued by the government after huge losses. Especially on CDS positions...

2) Franklin Raines (CEO of Fannie Mae), 10th June 2004: "These supbrime assets are so riskless that their capital for holding them should be under 2 percent."

The U.S. government intervened in 2008 to rescue Fannie Mae – in big trouble during the subprime crisis.

1) David Woo (Analyst, Bank of America), 5th December 2013 about bitcoin: "Our fair value analysis implies a price of $1300"

The future will tell whether it is reasonable to assign a "fair value" to this virtual currency. Meanwhile, the bitcoin still lost 46% of its value Friday...

Source: Victor Baetens via Investir.ch

 


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Mon, 12/09/2013 - 23:26 | Link to Comment Pickle Jar Bob
Pickle Jar Bob's picture

All that to just clown on BTC?

Mon, 12/09/2013 - 23:38 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Ditto.  Sort of a non-sequitur.

Mon, 12/09/2013 - 23:50 | Link to Comment wintermute
wintermute's picture

Bitcoin just touched $980 again. 

David Woo will be proved right. The others are idiots.

 

Tue, 12/10/2013 - 00:36 | Link to Comment Bunga Bunga
Bunga Bunga's picture

No, he is completely off the charts. Time will tell.  $15 bln is just ridiculous, national debt is increasing by this amount in a single week.

Tue, 12/10/2013 - 01:09 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

When state is pursuit of policy of least untruthful, what to expect beside perpetual surprise and errant prediction? Please wait patient while Boris is attempt facial expression of utter wonderment.

Tue, 12/10/2013 - 02:22 | Link to Comment Manthong
Manthong's picture

I seem to recall something about “If you like your doctor/plan, you can keep it.”

Is there something about this prediction process I am missing?

Tue, 12/10/2013 - 02:28 | Link to Comment disabledvet
disabledvet's picture

"this time is different." as in "worse." It has been argued that "progress" is a myth. in other words "what are we progressing towards?" Rousseau argued "by studying the arts and sciences we become only better monsters."

Tue, 12/10/2013 - 04:12 | Link to Comment zhandax
zhandax's picture

How about "If you don't like your president, you can elect one you do"?  It is just as big a lie, but it sounds more comforting.

Tue, 12/10/2013 - 07:35 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Paging Jon Nadler.......phone call from Andy Smith.

 

Please pick up the black courtesy phone.

Tue, 12/10/2013 - 07:58 | Link to Comment slotmouth
slotmouth's picture

No list is complete without some from Lavorgna.  He seems to consistently get everything wrong defying all odds with his wrongness.

Tue, 12/10/2013 - 09:41 | Link to Comment Fredo Corleone
Fredo Corleone's picture

Indeed, one of the most infamous - and still avialable - has been omitted.

February 29, 2000. Beginning that particular leap year with a complete work of market-top farce...

http://www.thestreet.com/story/891820/1/the-winners-of-the-new-world.html

Tue, 12/10/2013 - 04:00 | Link to Comment yofish
yofish's picture

Spingmo lases hornoish e lispting fo dwong kernl shoust?

Tue, 12/10/2013 - 01:34 | Link to Comment Bay of Pigs
Bay of Pigs's picture

And who the fuck is David Woo? Oh, BOA....fantastic.

Anyone from Deutsche Bank weighing in on this as well?

Tue, 12/10/2013 - 03:32 | Link to Comment PT
PT's picture

Please excuse me while I go off on a seemingly unrelated tangent.  Does anyone know how these investors "make money"?

http://www.tic.com.au/

No, this is not an advertisement.  It is a question.  No, I said, "No.  This is NOT an advertisement."  Just can you answer my question? 

Tue, 12/10/2013 - 09:36 | Link to Comment Sparkling Wiggles
Sparkling Wiggles's picture

As far as I can tell, by selling coffee.

Tue, 12/10/2013 - 01:43 | Link to Comment IridiumRebel
IridiumRebel's picture

Well then you should load up on BTC. It's on sale. Grab it by the handful.

Tue, 12/10/2013 - 01:50 | Link to Comment Dr. Engali
Dr. Engali's picture

I see what you did there.

Tue, 12/10/2013 - 07:40 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

The good news is the cost of nothing.....is finally getting cheaper.

Tue, 12/10/2013 - 09:12 | Link to Comment tgatliff
tgatliff's picture

First, cost has nothing to do with value.  Bitcoin's foundation is mathmatics itself.  It is far easier to dilute all gold in the world with tungsten than it is to dilute the supply of bitcoins.  The value is that you know with a fair certainty how many bitcoins exist as well as how many are ultimately able to exist.  

I agree that bitcoins are not the final solution.  Their ledger accounting concept is not ideal, and I think future implementations will definitely improve this concept.  The beauty of a technology solution, however, is that it can improve, unlike precious metals.

Bitcoin at its foundation is simply a protest against what central banks are doing.  Also, unlike precious metals, it is very easy to understand what the price of BTC will be long term.  From a US perspective, if the FED continues to dilute the USD currency into infinity (previous history says this is probably likely), then BTC2USD will continue to rise.  If you believe that the FED is serious about tapering, then BTC2USD will fall.  The key difference to precious metals is that Central banks have very little control over BTC, and as long as they cannot find flaws in the protocol, this will continue.  

I personally feel that the biggest risk to BTC at the moment is a DDos attack, simply because without the underlying nodes there is no way to exchange BTCs.   This is definitely something that will have to be addressed longterm if BTC is to be used as a true global currency.

Tue, 12/10/2013 - 03:13 | Link to Comment PT
PT's picture

Once again I first admit that I am ignorant and for all I know, bitcoin could crash to zero, reach a permanently high plateau, or oscillate over an ever increasing spread for the next millenia.  For those who have too much time on their hands, ponder this:

If the Beryellenanke cannot go to the trillion dollar platinum coin, the trillion dollar bitcoin will go to the Beryellenanke.

Just a thought. 

Tue, 12/10/2013 - 03:21 | Link to Comment Burnbright
Burnbright's picture

So apparently some of my friends are getting caught up in the bitcoin mania and I saw a facebook conversation about taking some bit coin profits and investing in this "stock". For .05 bitcoins you can get a bitcoin dividend! People going balls deep crazy on this shit. So you take e-currency to purchase e-stock in an e-miner. Why does this feeling like some derranged MMORPG?

 

http://www.peta-mine.co/

 

 

Tue, 12/10/2013 - 03:52 | Link to Comment PT
PT's picture

Thanks for that link.  Much appreciated.  We all know how this one ends.  

Perchance some strangers, who were born every minute, stumble across this post:  I predict that somewhere along the line the dividend payout will not justify the price of the shares - just like every other share and piece of real estate on the planet, at which point, people will start buying shares in hope of capital gains - just like every other share and piece of real estate on the planet.  Then, some people may be tempted to borrow money to convert to bitcoin to buy shares in the hope that the capital gains will pay for the interest, just like every other share and piece of real estate on the planet, well, close enough.

I mean, smart people should be able to do a bit of due diligence and figure out how many bitcoins are left to be mined and an expected return etc etc etc ... but since when have smart people ever driven prices?

Quite sure I've left out some important points here, feel free to add them. 

Tue, 12/10/2013 - 08:22 | Link to Comment Zero Point
Zero Point's picture

Perhaps it all ends something like this:

http://www.escapistmagazine.com/news/view/88880-EVE-Online-Banker-Scams-...

Freekin hiloarious.

Tue, 12/10/2013 - 10:38 | Link to Comment PT
PT's picture

Who said you can't print your own money?

Ummmmmm, printing - bad, typing - good ? 

Tue, 12/10/2013 - 01:07 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

So let me get this straight. This list contains: Economist, Politician, A book written by an Economist and a Harvard B.A. in Government, Politician, Investment CIO (whose only saving grace seems to be a hatred for Paul Krugman), Economist, Economist, AIG Financial Products Head, Fannie Mae CEO and an Analyst from Bank of America.

Seems the deck is stacked with economists - who practice their "craft" with the knowledge they can be wrong as much as they'd like with no penalty, Politicians - the master liars of the universe, who say anything to get the votes they need and corrupt financial Executives who know they are selling shit, but couldn't admit it in public without massive repercussions.

And that is all stacked against a single analyst?

How is this not grasping at straws?

Tue, 12/10/2013 - 02:35 | Link to Comment disabledvet
disabledvet's picture

I like fonestar better than you. I don't know why...apologize if this offends. he's like a "kinder/gentler bitcoin." don't worry though...at some point your "distributed approach" will evolve into a pack of rampaging jackals soon enough.

Tue, 12/10/2013 - 04:04 | Link to Comment yofish
yofish's picture

Very good, I don't up many here.

Mon, 12/09/2013 - 23:28 | Link to Comment Al Huxley
Al Huxley's picture

I don't think a recent prediction on the fair value of bitcoin belongs in this list.   It's not even an economic prediction.

Mon, 12/09/2013 - 23:41 | Link to Comment NoDebt
NoDebt's picture

Yeah, that's a bit gratuitous and detracts from what credibility the article has.

View wasn't worth the climb in this case.

 

Tue, 12/10/2013 - 04:29 | Link to Comment zhandax
zhandax's picture

"I don't think a recent prediction on the fair value of bitcoin belongs in this list.   It's not even an economic prediction."

Why not?  They are all a prediction on whether human folly will trump intrinsic asset value.

Mon, 12/09/2013 - 23:29 | Link to Comment chump666
chump666's picture

"Our fair value analysis implies a price of $1300"

lol

Great post ZH.

 


Mon, 12/09/2013 - 23:41 | Link to Comment jomama
jomama's picture

what about gold to 10,000 bennybux an oz.?

Tue, 12/10/2013 - 01:45 | Link to Comment Dr. Engali
Dr. Engali's picture

Any day now.....still waiting....... Stilllllllll wai..t...i...n.....g.

Tue, 12/10/2013 - 08:39 | Link to Comment TeamDepends
TeamDepends's picture

Just a little longer....

Tue, 12/10/2013 - 09:04 | Link to Comment Papasmurf
Papasmurf's picture

No, it's silver $10,000.  Gold to da moon.

http://www.cojoweb.com/alice%20kramden.jpg

Mon, 12/09/2013 - 23:41 | Link to Comment LoneStarHog
LoneStarHog's picture

Question:  Where the hell is Cramer in that list of idiots?

Mon, 12/09/2013 - 23:50 | Link to Comment wintermute
wintermute's picture

Swap out Woo for Cramer - and the list is good.

Tue, 12/10/2013 - 04:20 | Link to Comment Tapeworm
Tapeworm's picture

Crammer is so last decade.......

Tue, 12/10/2013 - 04:24 | Link to Comment Tapeworm
Tapeworm's picture

Crammer is so last decade or farther back in the fourth dimension: an anachronism.

Mon, 12/09/2013 - 23:56 | Link to Comment Dr. Engali
Dr. Engali's picture

Should I take my money out of Bear Sterns?

Cramer: No..no...no... Bear Sterns is fine.......:

http://youtu.be/HPc16cuQJR0

Tue, 12/10/2013 - 01:03 | Link to Comment USA USA
USA USA's picture

What's a Cramer?

Tue, 12/10/2013 - 02:14 | Link to Comment akak
akak's picture

An ADD-afflicted, memory impaired, poo-flinging monkey in a clown suit with the sleaves rolled-up. Wearing blinders. On coke.

Tue, 12/10/2013 - 07:41 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

-1 <-----Cramer......is that you?

Tue, 12/10/2013 - 09:20 | Link to Comment falak pema
falak pema's picture

I liked Kramer n George, dunno about Cramer...Funny how a K can change perception. 

George and Kramer conversation - YouTube

Tue, 12/10/2013 - 04:07 | Link to Comment PT
PT's picture

American cousin of Baghdad Bob???

.

.

.

 (I've never seen him, only heard about him 2nd hand so perhaps I shouldn't comment.)

Tue, 12/10/2013 - 02:35 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

Sorry to break it to the ZH crowd, but if you don't like Bitcoin - you agree with Cramer.

Bit of a mindfuck, eh? And considering Cramer's stellar record, I'd say that's the best contrary indicator ever.

Tue, 12/10/2013 - 02:40 | Link to Comment disabledvet
disabledvet's picture

I love bitcoin. Jimmy Cramer at a certain level "saved America" (certainly early in the crisis) in my view. Having said that how he does what he does being done live on television is an abomination...and CNBC knows it. This ain't Ozzie and Harriet...and while I might listen on occasion...I don't watch anymore. "Fuhrer approved" as they say. And look at the battle over Time Warner. Talk about ironies.

Tue, 12/10/2013 - 09:05 | Link to Comment Ghordius
Ghordius's picture

I have another one: if you are convinced that the EUR is a failed experiment - then you agree with Paul Krugman

Mon, 12/09/2013 - 23:43 | Link to Comment Dr. Engali
Dr. Engali's picture

We should probably reward them for their competence. After all just think how bad things would have been without them.

Mon, 12/09/2013 - 23:54 | Link to Comment fonzannoon
fonzannoon's picture

The greek statue (caption) reminds me of a joke. Two statues in a park were sitting there for hundreds of years. One was a greek god and the other a greek goddess. After what seemed like forever an angel came down out of the sky and unfroze them both. the angel said to them "I have unfrozen you, you have one hour to do whatever you wish. After that, I will freeze you both as statues for eternity. The two of them looked at each other and motioned over to the bushes. for about 5 minutes the bushes were rocking back and forth ferociously. Then the two of them came out and stood back where the were and prepared to become statues again. The angel said "you still have at least a half an hour left". The god looked at the goddess and said "okay this time I will hold the pigeon down and you shit on it".

This is why I won't do 2 shows a night anymore, I just won't do it.

Mon, 12/09/2013 - 23:56 | Link to Comment Dr. Engali
Dr. Engali's picture

Lol...

Mon, 12/09/2013 - 23:59 | Link to Comment fonzannoon
fonzannoon's picture

Thanks. I get so nervous when it comes to jokes, The bag over my head helps. 

Tue, 12/10/2013 - 00:06 | Link to Comment Dr. Engali
Dr. Engali's picture

The unknown comic on the Gong show was one of my favorites.

Edit..... When I look back at him now, I see that he was pretty corny.

Tue, 12/10/2013 - 00:08 | Link to Comment fonzannoon
fonzannoon's picture

Doc I had one of those whosaler lunches today and all I could think of was this Jack Handy quote.

"I think someone should have had the decency to tell me the luncheon was free. To make someone run out with potato salad in his hand, pretending he's throwing up, is not what I call hospitality."

Tue, 12/10/2013 - 00:20 | Link to Comment Harbanger
Harbanger's picture

I heard a joke today that you can tell your friends.  A man went to heaven and asked God.  Lord why did you make women so beautiful?  He said, so you would find them attractive and multiply.  the man then asked, but why did you make them so stupid?  -So they would like you.

Tue, 12/10/2013 - 02:32 | Link to Comment Manipuflation
Manipuflation's picture

Those are good ones guys.LOL  Harbanger, I might mention yours to Mrs. M.  I am sure she would concur.:-)  I love humour but I am poor at telling jokes I must admit.  Anyone else have moar?

Tue, 12/10/2013 - 03:05 | Link to Comment Harbanger
Harbanger's picture

There's a smart group of people here with a good sense of humor, wittiness and sarcasm.  Sometimes little things really crack me up, like that time Boris was talking about his Russian mother-in-law's Borscht soup, made with hand squeezed beet juice. :)

Tue, 12/10/2013 - 03:51 | Link to Comment Manipuflation
Manipuflation's picture

LMAO, I have plenty of stories about my Russian Mother-in-law, Mrs. M and they shit they do.  For example, yesterday I came out of my den to see a cheesecloth of sorts hanging from the kitchen cabinets dripping something into a pan.  What the fuck is that?  It's some sort of homemade cheese she makes.  I am originally from Wisconsin so I know cheese but not this kind and she eats it all every time.  I had to inquire and she replied, "This milk is old now but still has fat content so I make this cheese.  What the matter is with you Americans...you would pour it down the drain and waste."  It's not a bad thing per se but sometimes I am scared to write about some of things she does for fear that no one would believe it.  You just have to stand back and let them go.

However, on meat, you really have to watch Mrs.M.  She can not cook a steak and refuses to eat it unless it is pretty much a hockey puck.  I love my still mooing rib-eye steaks but she will not eat them unless they are ruined by over-cooking.  There is a reason for this in that meat sold in her Soviet days was not to be trusted because it might be a couple of weeks old and not refrigerated.  Even now, it does not mattter to her how fresh the cut is and how good the marbling is.  I guess I will never have to worry about taking her to Ruth's Chris.  That woman would probably try to tell them to boil, not broil, it for an hour or better.  However, our daughter loves dead cow just the way I do.(and also likes my aresental of hot sauce selections)

OK, that's my real life experience joke.

Tue, 12/10/2013 - 07:48 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

The bag over my head helps.

 

The key is to just breathe normally.

Tue, 12/10/2013 - 02:40 | Link to Comment akak
akak's picture

Q: Why did the bitcoin cross the road?

 

A: Because there were just as many hipster suckers on the other side.

Tue, 12/10/2013 - 09:09 | Link to Comment TeamDepends
Tue, 12/10/2013 - 00:05 | Link to Comment frankTHE COIN
frankTHE COIN's picture

LOL !

Tue, 12/10/2013 - 00:47 | Link to Comment chump666
chump666's picture

My joke:

Hear about the leper playing cards?

He threw his hand in...

Funny?

C'mon...

 

Tue, 12/10/2013 - 02:59 | Link to Comment akak
akak's picture

Did you hear about the lepers playing hockey?

There was a face off in the corner.

 

What do you call a leper in a hot tub?

Stew.

 

Why don't lepers care about gun rights?

Because they're already disarmed.

 

Hear about the Leper who failed his driving test?

He left his foot on the clutch.

Mon, 12/09/2013 - 23:49 | Link to Comment joego1
joego1's picture

Get behind a mule and plow bitches.

Tue, 12/10/2013 - 00:41 | Link to Comment OwnSilverPlayMusic
OwnSilverPlayMusic's picture

Tom Waits!

Tue, 12/10/2013 - 00:03 | Link to Comment seek
seek's picture

Currently -15% v. Thursday high, Tyler needed to get the joke out before it didn't work any more (probably by the end of the week at this rate... until the next slamdown of course.)

Tue, 12/10/2013 - 08:04 | Link to Comment TheHound73
TheHound73's picture

Tongue-in-cheek jab at the BOA analyst, Tyler knows BTC will go much, much higher than $1300.

Tue, 12/10/2013 - 00:19 | Link to Comment Downtoolong
Downtoolong's picture

File this post under "Best advertisement ever for selling baseball bats to whack someone in the face with".

Put that dweeb Cassano at the top of my list of targets.

 

Tue, 12/10/2013 - 00:23 | Link to Comment Alpha Monkey
Alpha Monkey's picture

Was this article written by this guy?

Bitcoin is for mindless moronic broke slavetards

Finally, we can put a face on bitcoin opposition. 

Tue, 12/10/2013 - 00:32 | Link to Comment Bunga Bunga
Bunga Bunga's picture

My favorite is this one:

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

~Paul Krugman

Tue, 12/10/2013 - 02:47 | Link to Comment disabledvet
disabledvet's picture

"Egypt calling Krugman...line number 2. Egypt...line number two please."

Tue, 12/10/2013 - 01:01 | Link to Comment yepyep
yepyep's picture

this could have been a really good article.

what a wanker.

Tue, 12/10/2013 - 01:14 | Link to Comment Stockmonger
Stockmonger's picture

The bitcoin swipe ruins the whole article.

Tue, 12/10/2013 - 01:37 | Link to Comment dark pools of soros
dark pools of soros's picture

Especially since it is already back in the 900's a few days after the last crunch

Does FOFOA run this site now?

Tue, 12/10/2013 - 01:55 | Link to Comment Harbanger
Harbanger's picture

You can make a ton of money on the swings if you're not afraid to trade it.

Tue, 12/10/2013 - 01:25 | Link to Comment starman
starman's picture

Thank you ZH I can go to sleep now, love you good night.

Tue, 12/10/2013 - 01:49 | Link to Comment Notarocketscientist
Notarocketscientist's picture

Where is that RAT BASTARD Cassano now?

Tue, 12/10/2013 - 01:52 | Link to Comment Colonel Klink
Colonel Klink's picture

Not predictions, LIES!!!

Tue, 12/10/2013 - 08:11 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

We'd prefer to call that not being totally truthful - Jay Carney

Tue, 12/10/2013 - 12:05 | Link to Comment Colonel Klink
Colonel Klink's picture

At least the LYING presidential carnival barker has the correct last name.

Tue, 12/10/2013 - 08:54 | Link to Comment KickIce
KickIce's picture

+ CNTL-P for desired amount.

 

And they made millions/bbillions by taking the oppisite side of their predictions.

Tue, 12/10/2013 - 02:06 | Link to Comment CounterPartyVice
CounterPartyVice's picture

It is not truth that matters, but a green weekly close on the S&P500.

Tue, 12/10/2013 - 02:36 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

Tyler(s) just keep this handy as a reference for what Bitcoin does after going to the next new high. It might save a bit of trouble, especially when you seize upon the fact that it actually declines.

http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history...

Its nothing new, and will repeat itself again and again. At higher valuations, of course :)

Tue, 12/10/2013 - 02:57 | Link to Comment Manipuflation
Manipuflation's picture

I hate to break the news to you but Bitcoin is not only new but is still wet behind the ears and the umbilical cord has not even been cut yet.  And when I say that, I mean the umbilical cord to the fiat currencies of the world.

Tue, 12/10/2013 - 05:40 | Link to Comment Iam Yue2
Iam Yue2's picture

1. Taleb Says ‘Every Human’ Should Short U.S. Treasuries (Update2)
By Michael Patterson and Cordell Eddings - February 4, 2010 11:00 EST

2. Russell Napier's "Most Important Chart In The World"
Submitted by Tyler Durden on 11/22/2012 12:28 -0400.

3. Russell Napier: S&P 500 ‘will fall 70%’
11/10/2013

4. Goldman's O'Neill Recommends Buying EUR/CHF As Top Trade In 2012

5. Buiter's now predicting Grexit probability of 90%.

6. Roubini: Greece Will Exit Eurozone Next Year.

7. Gonzalo Lira: Spain Will Exit The Eurozone First

8. Portugal is likely to be the next to restructure its debtand exit the euro zone, economist Nouriel Roubini predicted on CNBC Friday.

9. Greece Exit, Euro-Zone Collapse, Spain and Portugal Will Follow Within 6 Months. Nadeem_Walayat.

10. Anything by Thomas Stolper.

Tue, 12/10/2013 - 06:09 | Link to Comment falak pema
falak pema's picture

Well its nice to see ZH sticking its neck out about the FUTURE in predicting the fate of Bitcoin.

On a long enuff time line do ZH predictions come true like the fall of PAx Americana WS pumped economy?

Both the salient position of ZH on the inevitable correction of WS, which is this site's "raison d'etre", as this one for Bitcoin, merit that we treat ZH by the same yardstick that they treat the general economy run by Potus, COngress and the FED/PD/Squid cabal alliance since over five years now. 

When people judge others they should also accept that history will judge them by the same criteria. 

Its worth documenting this truth for future NEt bloggers and readers in the exercise of our free will and "inalienable rights" as individuals.

(Not saying I agree or disagree with the TDs on these predictions, as at my own individual level I apply that logic to whatever I post here. For better or worse we are what we say in the virtual world of the Net, unless its tongue in cheek.)

Play on Sisyphus! 

Tue, 12/10/2013 - 08:16 | Link to Comment Kina
Kina's picture

Bitcoin has reached a permanently high plateau..

Tue, 12/10/2013 - 08:56 | Link to Comment FlipFlop
FlipFlop's picture

ZH looks increasingly Reader's Digest with endless 10 or some other number point lists....

Tue, 12/10/2013 - 09:18 | Link to Comment youngman
youngman's picture

What is amazing is that some of these guys still have jobs...

Tue, 12/10/2013 - 09:35 | Link to Comment XAU XAG
XAU XAG's picture

@youngman

 

Hi Paying jobs too

 

 

Tue, 12/10/2013 - 09:43 | Link to Comment Quinvarius
Quinvarius's picture

Bitcoin is cool.  I love the idea.  But everything trades.  Wall Street hype is here now.  You can't surf any financial web pages without getting bitcoin thrown in your face.  That means it is time to start looking for the exit.  Bitcoin is not gold and there are crypto currencies coming out of the woodwork now.

Tue, 12/10/2013 - 11:14 | Link to Comment Saro
Saro's picture

"there are crypto currencies coming out of the woodwork now"

Good! Competition in currency is a good thing. 

Unfortunately, I haven't yet seen an alt-coin yet that improves upon Bitcoin in any manner.  Most of them are actually worse.

Tue, 12/10/2013 - 09:50 | Link to Comment orangegeek
orangegeek's picture

Krugman didn't crack the top ten?

 

WTF?

Tue, 12/10/2013 - 10:29 | Link to Comment d edwards
d edwards's picture

Franklin Raines also pocketed $90 million even tho Fannie (of which he was head) went bust.

Tue, 12/10/2013 - 10:49 | Link to Comment Abrick
Abrick's picture

"This is is what I'm shooting for, one show goodbye." But I'm just a wild and crazy guy.

When the invisible hand is shoving millions into your pocket in return for some mild embarrasment on your part, why not destroy your own character. You never had any in the first place.

Tue, 12/10/2013 - 11:48 | Link to Comment Rusty Nayle
Rusty Nayle's picture

Why isn't Barney Frank on this list for telling Congress the housing market isn't in a bubble back in 2006?

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