On January 9, 2008, Podesta sent and email to top Hillary confidant and current president of the Center for American Progress, Neera Tanden, who was at the time the policy director for the 2008 Hillary Clinton campaign. In the email (via Wikileaks), he wrote:
Back to making the policy director relevant and not to be too wonky, but a good time to get out a substantive economy speech, ie economy is going in the shitter-here's what we need to do about it.Got that? He is telling Tanden she can become relevant by getting Hillary to give a major speech warning that the "economy is going in the shitter."
This was months before Bear Stearns collapsed and was bailed out by the government and sold to JP Morgan and many more months before Lehmann Bros. filed bankruptcy.
Indeed, it was months before Fed chairman Ben Bernanke turned bearish on the economy. During a speech at the Federal Reserve Bank of Boston in June 2008, 5 months after the Podesta email, Bernanke talked positively about expectations for the economy in the second half of 2008.
So who was Podesta talking to that he got his very accurate call on the economy?