While we at Crikey have made some howlingly bad political predictions over the years, we've always tried to stay cautious on negative economic predictions, wary that too many people talking about a recession is likely to increase the chances of one actually occurring. But others in the media feel no such qualms. Indeed, the doom'n'gloom business is a busy little subsection within the Australian media. So we thought we'd check up on how some of the gloomier predictions of recent times have fared.
Top of the list, of course, is Steve "I predicted the financial crisis" Keen. Not withstanding a humiliatingly wrong prediction on property prices in 2008, Keen's predictions are still treated with utmost seriousness by some journalists. In August 2016, Keen predicted another property price crash in 2017 and a recession, because the Reserve Bank "don't know what they're doing." Australians could prepare for the looming crisis by selling assets and reducing debt, he advised. He repeated the recession prediction early last year.