Business Economists Forecast Recession Over

 economy
Oct 122009
 
The Causes of The Great Depression / FDR Memor...
Image by Tony the Misfit via Flickr

While traveling today I heard a short blurb on the news that 80% of business economists declared that the recession was over. Wow! Did they survey only five, all on the government payroll? Hard to believe, although John Kenneth Galbraith had some poignant words about economists and forecasting:

“The only function of economic forecasting is to make astrology look respectable.” 

Were these economist’s drinking or smoking something at the time of the survey.

 Hard data provides little support for optimism. Here are just a few links from today that suggest that we have not yet reached a bottom:

State Tax Revenues - Mish

Is The Dollar Doomed-Denninger

Retail sales probably fell in September – Bloomberg

Foreclosures Grow in Housing Market’s Top Tiers (WSJ)

Reblog this post [with Zemanta]
Download article as PDF