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MONDAY, NOVEMBER 23, 2009
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Errors Apparent: 2008's Worst Predictions

magazine recalls year's worst punditry

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(Newser) – Presidential candidate Bloomberg? Nope. Russia invading the Ukraine? Hardly. Foreign Policy takes a look back at the worst predictions of the year:

  • A stabilized banking system: Shortly after Henry Paulson forecast stability on Wall Street, Citigroup’s stock price dropped 75% and closed below $5 for the first time since 1994.

  • Oil reaches $150-$200 per barrel: A renowned Goldman Sachs analyst predicted high oil prices only months before they dropped by more than $100.
  • William Kristol predicts Clinton nomination: “Barack Obama is not going to beat Hillary Clinton in a single Democratic primary." Rumor has it, the New York Times is seeking to replace him.
  • Kenyan election sets example for Africa: The Economist touted Kenya's election process, soon before it sparked fraud and rioting that left more than 800 dead.
For the complete list, click here:

Hundreds of people watch riot police drive past a local supermarket as they queue in Nairobi. The violence started in the days after the vote, stretching from Nairobi's shantytowns to the coast.
Hundreds of people watch riot police drive past a local supermarket as they queue in Nairobi. The violence started in the days after the vote, stretching from Nairobi's shantytowns to the coast.   (AP Photo/Karel Prinsloo)
Gasoline is advertised at $5.00 per gallon at a California station in June. Predictions of $150-$200 per barrel never materialized as global demand eased. Some predict that price could sink to $25.
Gasoline is advertised at $5.00 per gallon at a California station in June. Predictions of $150-$200 per barrel never materialized as global demand eased. Some predict that price could sink to $25.   (AP Photo/Mark J. Terrill)
President Bush, left, speaks with reporters as he stands with Treasury Department with Treasury Secretary Henry Paulson at the White House in Washington, Friday, Oct. 3, 2008.
President Bush, left, speaks with reporters as he stands with Treasury Department with Treasury Secretary Henry Paulson at the White House in Washington, Friday, Oct. 3, 2008.   (AP Photo/Charles Dharapak)
Supporters cheer as Democratic presidential hopeful Sen. Hillary Rodham Clinton, D-N.Y., takes the stage in Manchester, N.H., Tuesday, Jan. 8, 2008.
Supporters cheer as Democratic presidential hopeful Sen. Hillary Rodham Clinton, D-N.Y., takes the stage in Manchester, N.H., Tuesday, Jan. 8, 2008.   (AP Photo/Jim Cole)
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I believe the banking system has been stabilized. No one is asking themselves anymore, is there some major institution that might fail and that we would not be able to do anything about it. - Henry Paulson, shortly before Citigroup's stock plunged 75%

« Prev« Prev | Next »Next » Slideshow
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