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'Nine of 10 economists' also completely missed the recession, real estate and the financial markets death spiral just a few years ago.
I still remember the giddy economists telling everyone stock markets and houses have no way to go but up, and everyone should just keep borrowing even when even idiot could see that it was unsustainable. And they said that the US economy was not in a bubble..., just a day before the proverbial fecal masses hit the fan. Then, as one, they all started begging the Fed mommy to 'save capitalism' with bailouts.
I wouldn't trust economists as far as I could throw them. It's a goofy discipline full of quacks and nebulous postulates/'theories' that have no grounding in reality.
The good news is that far more economists are in the optimist camp than the pessimist camp. Although a handful, such as Baker, are predicting the economy will slide into a housing-led recession next year, the majority anticipate the economy will continue to grow, albeit at the slowest pace in at least four years.
But most economists say that recession will not spread to the overall economy.
Note the report says most economists and does not say they are all of the financial markets either.
But will Obama-haters be happy about this, or will they hope that the U.S. economy fails in order to justify their hatred?
If everyone starts running to one end of the boat, the boat will begin the process of tipping over. Beware. Nobody saw it coming in 2008 either.
Regarding the last question - I don't want the economy to fail because I am part of it, and I will take a hit also. The problem is not Obama-personal. The problem is Obama-policy. And using government, via pumping the market with money (instead of getting people jobs so we can supply the market organically), to keep stock prices afloat creates a hollow economical status.
Barnanke has also said that it will probally take a few years before we see UE drop. The problem with our economy is that it is based on 72% consumer spending and 28% production. Does anyone see a problem here?
Then we have our {R} freinds thinking that the Bush tax cuts being extended for 2 years will be the cure all
You picked out Peter Schiffs word exactly.
There was too much consumption and borrowing and not enough producing and saving.
So you believe the government is supposed to get you a job? How Socialist of you
Casper
You seem unable to read or comprehend the written word.
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