"But to be taken to task for having rightfully proven that much of America is perched too precariously on too big of a pile of debt — and that this housing thing wasn’t and still isn’t totally “contained” — is simply, well, wrong-headed.
(I can still see Larry Kudlow rolling his eyes at me, on set at CNBC, when I would mention, for the umpteenth time, the significance of the looming mortgage mess — and that this mess would extend beyond subprime to cut across all FICO scores; notice that neither Barry nor I have been on his show lately.)"
Now, I'm friendly with Larry, and would never want to embarrass him on the air -- but Herb is not the first person to make this point. Indeed, several other people -- including some from CNBC -- have also noticed, and commented, on that coincidence.
During the past year, on air, several of Larry's guests have told me:
- I was too real estate obsessed (2006);
- Sub-prime was contained; (2007)
- Real Estate didn't matter; It's a small portion of the economy (2006/07)
- The economy is fine (really) (2008)
The last was also the title of a recent self-delusion in the oft-hallucinatory WSJ Op-Ed pages.
Cognitive dissonance can be a bitch . . .
Too Negative — Who, Me?
Marketblog, 7:51:47 PM January 27th, 2008