Very few mainstream economists saw the last financial crisis coming, while numerous alternative media economists and noneconomsists did. The same thing will happen again with the impending financial crisis. From Brandon Smith at alt-market.com:
There is a notion within the mainstream media that certain economic indicators are unassailable; they never stop being reliable. The way they look at and report on the system is rather outdated and extremely limited in scope; showcasing and cherry picking only net-positive statistics, even if those stats don’t represent reality. The result is a kind of holographic view of the financial structure; a mirage of a healthy and vibrant foundation that simply does not exist.
This fraudulent view appeals to the masses for a time because it provides fuel for false hopes. In economics, an analyst must always account for two major factors: the hard math and human psychology. These factors tend to conflict during times when a financial bubble is present, and they tend to converge when such bubbles implode. One must never underestimate the power of public psychology, though. Even when the math is screaming that danger is present in the system, a naive and misinformed populace (coupled with central bank manipulation) can keep a dead economy in a state of profane reanimation for much longer than seems logically possible.