New Thinking; Dean Baker of The Guardian newspaper

Dean Baker of The Guardian newspaper in the UK had in right in May 2007, and calls out those who had it exactly wrong: "The economists are telling us that everything is going to be fine. It seems that the worst is behind us. The credit crunch is over, the tax rebate cheques are in the mail, the dollar will stop falling, and the economy is now expected to pick up in the second half of the year. That is what most economists have been saying.  Of course all the economists saying this completely missed the $8tn housing bubble and most of them probably missed the $10tn stock bubble also. In other words, knowledge of the economy is not the strong suit of the expert economists who are telling us that the economy will be fine."

http://www.guardian.co.uk/commentisfree/2008/may/12/wrongagain