These guys may call themselves economists, but they are first and foremost spokepersons for their institutions. If you want to know what Economics, as a discipline, has to say about current conditions, you need to listen to academic economists like Shiller or Leamer, whose research is not funded by the RE or lending industries.

Also, bear in mind that the tools of economic theory were never meant to predict the future, but rather to understand why markets and economic agents (consumers, businesses, gov’t) act the way they do.

We should document, as much as possible, what Lereah and company have been saying since 2003, and contrast that with their CYA statements today. It looks like these people tarred themselves by changing their tunes so abruptly; we just need to come up with the goose feathers.