Since the economy began sliding downhill in late 2007, mainstream economic and market experts have consistently erred on the sunny side.
As late as June 2008, mainstream consensus held that the U.S. was heading for a “soft landing” and would avoid recession. Several months later, the slump was acknowledged to have started in January 2008, but we were supposed to see renewed growth by mid-2009, with unemployment peaking in the eight-to-nine percent range. A quick “shovel-ready” stimulus bag was supposed to set us back on the road to prosperity.
In January, recovery projections were pushed forward to late 2009. Today, the consensus is for a mid-2010 recovery, with unemployment peaking at just over 10 percent. Clearly, the mainstream has struggled to catch up to reality for well over one year. What are the chances that they finally have it right this time?
Read on...
With all the happy talk and irrational exuberance going on in the financial press and in the markets, Peacenik thinks its time for a splash of cold water. A bit of reality. Read the ten predictions in this article from Seeking Alpha. Many of these predictions are highly probable. If just one comes true the world as we know it is over. Peacenik hates to keep repeating Peacenik's self but the black hole of debt cannot be ignored.
As late as June 2008, mainstream consensus held that the U.S. was heading for a “soft landing” and would avoid recession. Several months later, the slump was acknowledged to have started in January 2008, but we were supposed to see renewed growth by mid-2009, with unemployment peaking in the eight-to-nine percent range. A quick “shovel-ready” stimulus bag was supposed to set us back on the road to prosperity.
In January, recovery projections were pushed forward to late 2009. Today, the consensus is for a mid-2010 recovery, with unemployment peaking at just over 10 percent. Clearly, the mainstream has struggled to catch up to reality for well over one year. What are the chances that they finally have it right this time?
Read on...
With all the happy talk and irrational exuberance going on in the financial press and in the markets, Peacenik thinks its time for a splash of cold water. A bit of reality. Read the ten predictions in this article from Seeking Alpha. Many of these predictions are highly probable. If just one comes true the world as we know it is over. Peacenik hates to keep repeating Peacenik's self but the black hole of debt cannot be ignored.
