Have I mentioned that more economists are notoriously bad at making predictions? These are, after all, the same folks who thought we could maintain the real-estate ride indefinitely:
Real estate crash or not, the U.S. economy and California will escape recession in 2008, a UCLA study released today predicts.
Despite rising oil prices, sinking housing prices and a turbulent stock market, the national economy will be saved by some of its apparent weak spots, the quarterly UCLA Anderson forecast stated.
“Be calm, my friends. Be calm,” forecast director Edward Leamer wrote in the report.
Can’t wait to see how the “apparent weak spot” of high oil prices is going to save the economy!
“If is difficult to get a man to understand something when his salary depends upon his not understanding it.” —Upton Sinclair