"Here I think, though, that both the mainstream media and the blogosphere have been confusing a failure to anticipate the crisis with a failure to have the research available to comprehend it. Predicting the crisis would have required foreseeing the risks posed by the shadow banking system, which were missed not only by academic economists, but by just about everyone else on the planet (including the ratings agencies!)."
Oh really, I think I did predict it, without considering the effects of the shadow banking system. The reason for that was that the shadow banking system had, at most, only a trivial role in the crisis, as is illustrated by the great boom in official bank lending in America, and the fact that many other countries without a significant shadow banking system experienced similar bubbles.
Austrian business cycle theory was quite sufficient to predict the crisis. The fact that most economists instead focus on obviously irrelevant red herrings like the "shadow banking system" only further illustrates how failed their paradigm is.