Bernd Debusmann - Great Debate — Bernd Debusmann is a Reuters columnist. The opinions expressed are his own. –

It’s no longer in print but you can get it over the Internet and $1.99 (plus shipping and handling) buys you a well-preserved copy of Dow 36,000, a book that has become an emblem for really, really wrong forecasts.

With the Dow Jones Industrial Average below 7,000 and the U.S. in its worst financial crisis in 80 years, re-reading the book is a bizarre experience, as well as a lesson that being wrong does not necessarily harm the prognosticator’s career.

On the contrary. Many have flourished, from the perpetually upbeat hosts of financial cable television shows to authors of “how to become a millionaire” advice.

Take James Glassman and Kevin Hassett, authors of “Dow 36,000, The New Strategy For Profiting From the Coming Rise in the Stock Market”. It was published ten years ago, made bestseller lists and catapulted Glassman, a financial columnist, to celebrity status and a series of high-profile jobs, including undersecretary of state for public diplomacy in the last 11 months of George W. Bush’s presidency.