Amazingly enough, today's news is full of reports that the nation's leading economists are now "seeing" that we are currently, or at least soon will be, in a recession. Hallelujah, they have seen the light!
If you look at their track record, none of them saw the recession coming in 2001. Of course, none of them saw the stock bubble either. But hey, let's give them credit for seeing at months after it happened, much like the liquidity crisis we are going through (it's not over yet).
Bear in mind that economists don't predict recessions though. Whether or not they simply will avoid the issue or not is not certain, but when has an economist, or at least not a measurable portion, predicted a recession? They do, however, admit to one after the fact. With that in mind, the fact economists are now seeing a recession is probably a good indication we have been in one for several months.
Comments