People often decry the fact that the media focuses virtually all of its attention on the negative. However, media is a business and business is predicated on demand. If the news says "Everything's hunky-dory, details at 11 p.m.," how many people would tune in? On the flip side, if the news tease is "Something in your house may be slowly killing your children," it's a much more compelling decision not to miss that report. (For more on past predictions, read Guru Investing Advice For Today's Market.)
So it is with the business of Wall Street prophet-hood. Many financial commentators have made a name for themselves, by stepping up and declaring that a particular emperor had no clothes, often well before the majority of people are willing to consider the possibility.
Nouriel Roubini
Roubini was hardly an unknown before the 2000s, having worked at the IMF, Federal Reserve and within the Clinton administration, but this economist really made his name with his prophecies regarding the housing market in the United States. Called "Dr. Doom," Roubini began commenting in 2005 that the housing market in the U.S. was a bubble, and that there would be a tremendous global fallout from the eventual market collapse and collateral damage in mortgage-backed securities.
Read the full column here:
http://financialedge.investopedia.com/financial-edge/1111/5-Doom-And-Gloom-Wall-Street-Prophets.aspx#axzz1dAlhM3Vx
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