In a post the other day I mentioned two giant, book-length mistakes. The first was by NAR "economist" David Lereah, who wrote Why the Real Estate BOOM Will Not Bust. The second was James Glassman and Kevin Hassett's Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market.
As it happens, the WSJ had a revealing piece mentioning both of these failed efforts in the September 10 issue.
In the first case, the chief of Lereah's publisher, Doubleday Business, defends his book by saying, "In retrospect, everyone was fooled. I would certainly say I was fooled. No one saw what was going to happen with real estate."
In the second case, the Journal asks Hassett about Dow 36,000: "Kevin Hassett . . . says criticism of his book isn't something he's lost a lot of sleep over. He is now an economics adviser to Republican presidential candidate John McCain."
There you have it.
11 hours ago