Several recent Nobel prizes in economics have been as hilarious as the Nobel peace prize given to Yasser Arafat.
David Henderson observed an interesting paper telling us that Fannie and Freddie have very little risk. Nobel Prize winner Joseph E. Stiglitz, and eminent economists Jonathan M. Orszag and Peter R. Orszag assured us that everything was just lovely. Don’t pay any attention to strange crazies like Peter J. Wallison who was at approximately the same date telling us that Fannie and Freddie were doomed and were going to take down the financial system with them.
If you tell the Cathedral what it wants to hear, you get honors and wealth. If you say what it does not want to hear, you are a crank, and will be reviled and ignored. Theocracy in action.