Who Has Been Wrong On Housing, Credit, Economy, Dollar?

Thursday, March 06, 2008 | 08:47 PM

I really don't like to single out any one firm or strategist for excessive criticism -- hey, we're all wrong on quite a regular basis. But, goddamn, if Bear Stearn's David Malpass hasn't been on the wrong side of more than a few major issues facing the economy over the past few years.

We first noted his wrong way cheerleading from a NYT  piece in 2005, where Malpass was complaining that "the way the Bureau of Economic Analysis calculates savings, the changing asset values haven't affected the national savings rate."  The problem with his analysis was that these variable assets (Stocks, Houses, etc.) fluctuate in price, while the other side of the ledger -- debt to acquire these assets -- did not. More recently, Malpass downplayed the credit crisis -- just as Bear Stearns was blowing up from the, uh, credit crisis. And he's been wrong on the dollar also.

~~~

But surely, he's not the only one who was compromised by his shop, or who refused to see what was happening in real time. Anyone else on Wall Street worth mentioning?

What shills and montebanks, liars and hypocrites (strategists, pundits & fund managers) have been on the wrong side of the dollar, oil, equities, bonds, agriculture, consumer spending, precious metals, employment, homebuilders, financials, or technology ?  I want names, dates, and URLs.

Not just the people who were merely wrong -- but those who knew, or should have known, better -- but spread the hackery anyway.

What say ye?


\>


>

Previously:
What's the U.S. Savings Rate Really?    http://bigpicture.typepad.com/comments/2005/05/whats_the_us_sa.html

Sources:
'Don't Panic About the Credit Market
DAVID MALPASS
WSJ, August 7, 2007
http://online.wsj.com/article/SB118645120890190059.html

Is It a Savings Crisis or a Math Error?   
DANIEL GROSS
NYT, May 22, 2005
http://www.nytimes.com/2005/05/22/business/yourmoney/22view.html

Thursday, March 06, 2008 | 08:47 PM | Permalink | Comments (88) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c52a953ef00e550bc866f8834

Listed below are links to weblogs that reference Who Has Been Wrong On Housing, Credit, Economy, Dollar? :

Comments

I have long held that Malpass should be prosecuted for malfeasance.....he is a "supply side" hack of the first stripe....

Posted by: blackvegetable | Mar 6, 2008 8:53:23 PM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner