One example of the worst aspects of financial journalism
What if two men, in the year 2006, said “Hey, America’s financial system is running up a dangerous amount of risk. Loose credit is creating a bubble in the housing sector. This bubble is certainly going to burst, and it will drag America’s economy into a deep recession.”
You might think that these two men were very smart. You might think that they deserve a great deal of respect for their foresight.
The two men in question are Nouriel Roubini and Nassim Taleb. They were just on CNBC - I found this clip quite surprising. The 5 journalists who interview them greet them with a fair amount of hostility.
Roubini and Taleb are both fairly negative. They have a dark view of where the economy will be over the next 3 or 4 years. Their negativity seems to get in under the skin of the journalists. The journalists run a financial show, what they seem to want most is good news, a reason why their viewers should start investing in the stock market again. Neither Roubini nor Taleb give them what they want.
