In the weeks just before President Obama took office, his economic advisers made a mistake. They got a little carried away with hope.

One year after urging regulators to guide Lehman Brothers toward a recapitalization and recognition of its losses, hedge fund manager David Einhorn is making more potentially prescient speeches—this time about ratings agencies and gold.

“We’re about to have a big problem,” one real estate expert told the New York Times.  “Foreclosures were bad last year? It’s going to get worse.”