I was wrong - the NBA lockout will probably be settled in 2011

[Live from the Corner Bakery Cafe at the South Coast Plaza in Costa Mesa, California]

When you read some business blogs, there may be bloggers that gloss over strong pronouncements that they had previously made, but that no longer turn out to be true.

As for me, I take perverse delight in ridiculing myself when I am wrong about an issue.

I figured that the NBA owners and players had become so entrenched in their stands that there was no way that the strike would be settled this year. In fact, I was speculating on the possibility that the owners might even consider bringing in replacement players.

Quoting from Jim Bakker, I was wrong.

Reports today indicate that the the owners and player representatives have reached an agreement, and that leaders from both sides will urge ratification. Should this happen, the NBA is hoping to hold its high-profile Christmas games.

Some effort is being devoted to determining who blinked. Some reports indicate that the owners blink, but you have to remember that the players were guaranteed to lose ground no matter what agreement was reached.