I am criticizing self-professed experts. I have never called myself an expert on anything. Since I arrived in San Diego in 1973, I have inveighed against financial engineering, phony accounting, greed, excessive debt at all levels, too much liquidity — the sins that brought us down. But in mid-2007, I wrote a column for the Reader. I correctly said that “stocks are propelled by financial engineering, not product engineering.” I predicted a market collapse. But I said it would come in two or three years. Actually, the calamity began to gain momentum only a few months later, and the following year was an utter disaster.
Maybe I should apply to President Obama as an expert on the economy. Or on goldfish.