The crisis of 2008 has led to a revival of interest in the Austrian School's theory of the business cycle. Why? Because several Austrian School economists and newsletter writers warned of the looming crisis. They did so two years before it hit. These predictions were dismissed as radical and out of touch. The most widely viewed debate over this matter – after the fact – took place on CNBC in 2006. Peter Schiff warned of the recession. Arthur Laffer dismissed it.
Finally, the Wall Street Journal ran an article on Mises' prediction of the Great Depression. The article ran on November 6, 2009. Better late than never.