Predictions, Optimism Bias, Happy-Talking Gurus

Paul Farrell: Beware of Predictions, Optimism Bias | The Big Picture: "2007-2008 bank credit meltdown — the top . . . happy-talking gurus -- False predictions made before the 2008 subprime credit meltdown:

• ‘Mad Money’ Jim Cramer: “Bye-bye bear market, say hello to the bull.”
• Ken Fisher: “This year will end in the plus column … so keep buying.”
• Ben Bernanke: No “serious failures among large internationally active banks.”
• Goldman Sachs: “Fear priced into stocks is likely to abate as recession fears fade.”
• Barney Frank: “Freddie Mac and Fannie Mae are fundamentally sound.”. . . ."

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