I don't think anybody would ever accuse me of wearing rose colored glasses with regard to my views on the world today, and I know that my opinions probably give me the label of being one of those "doom & gloom" types. I don't see it that way, of course; I'm really a very optimistic person. But I try not to slant, sugarcoat, or plant the seeds of false hope either.
Here's the priceless aftermath of some who did:
"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.
"No! No! No! Bear Stearns is not in trouble." -- Jim Cramer, CNBC commentator, Mar. 11, 2008. Five days later, JPMorgan Chase took over Bear Stearns with government help, nearly wiping out shareholders.
"Existing-Home Sales to Trend Up in 2008" -- Headline of a National Association of Realtors press release, Dec. 9, 2007. On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million -- down 11% from a year earlier -- in the worst housing slump since the Depression.
Seven more where these came from: The Worst Predictions About 2008