MPR’s Bob Collins has a typical tart observation today, contrasting state economist Tom Stinson’s declaration last February that “we’re in a recession” with Gov. Tim Pawlenty’s near-simultaneous upbraiding of such talk as “overly pessimistic” that would “overly scare people.”
Today, Collins notes, the feds declared the recession started in December 2007.
As we sit amid the economic rubble, it’s dark fun to tweak the economic Panglossians. “I told you so” isn’t exactly a high-road sentiment, but it is satisfying.
Possibly the best example is this ten-minute compilation of cable-news pundits wilding on Peter Schiff, who stood firm through 2006 and 2007 precisely diagnosing the coming malaise. Yes, the whole thing is long, but you’ll get the flavor right away as puffed-up economic celebrities such as Arthur Laffer (of the Reagan era Laffer Curve, another potion of its day) and Ben Stein practically hoot and holler at Schiff, president of Euro Pacific Capital Management.
I realize predictors of doom can be like a stopped watch; they’re eventually right. Still, the Bubble People’s dyspepsia, and Schiff’s calm, are fascinating to watch.
Hat tip to Max Sparber for pointing me to the video: