How to go Broke...
...just take advice from the experts! Here is a collection of discussions on Fox News from August of 2006 through December of 2007 in which noted economic "experts" talk about the economy and make their predictions for 2008. All of the experts, save one (Peter Schiff) are wildly optomistic, and they spend their time making absurd predictions, recommending disastrous stocks, and riduculing Schiff, the only speaker who comes within haling distance of reality.
The ignorance about both basic economics and the reality of the economy is frightening; these are supposed to be the people "in the know," the counselors of candidates and kingmakers, the shapers of public opinion. Their disconnect from reality could not be more complete. And yet, one still has to have some sympathy for them. Modern economic education bears so little relation to real-world economies that the "educated" are usually the last to know what the man on the street has long since learned.
Thanks to Richard Spencer of TakiMag for finding this gem.
3 comments:
"As mortgages continue to reset, this will take time to work its way through the system, but I continue to believe that this risk is largely contained. It doesn't pose a significant risk to the economy overall, the housing sector is at or near the bottom."
Hank Paulson - June 2007
The lunatics are running the asylum
I'm intensely involved in getting an education in technical analysis with a company called Investools. One of my instructors has urged the students to NEVER watch financial television.
Indeed, none of what gets talked about on television is based on any sort of analysts (technical or fundamental).
Most of the guests are from forms that thrive on the 401K/buy and hold model. They'll never mention how the market can go flat for 5, 10 and 15 year intervals.
I wonder who won all of Ben Stein's money?
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