Déjà vu anyone? The financial press is confessing to their complete miss of the financial crisis.

Doesn't this sound all too familiar, like the reporting leading up to the Iraq war?

All journalists out there, perhaps it's time to stop reading corporate press kits, interviewing CEOs, being dazzled by power and money and doing your homework from first principles.

As a blogger we all know just how easy it is to rewrite press kits and post them as stories. Turns out that is what you reported on, fiction. Economic fiction.

What is more amusing, while financial journalists admit their failure and show acts of contrition, they are doing the same damn behavior right now.