Friday, March 13, 2009
Failing grades
But I thought almost all economists agreed with Obama’s economic policies? … Actually, I’m feeling a little better about the economy these days. No doubt: Look for more grim unemployment and market news. Dark days still lie ahead. But my new hunch is that economy may be close to bottoming out (as in this summer or early fall) -- and that the much-derided Tim Geithner may yet be vindicated (as in yours truly eating a little crow). ... BTW: Don't put too much stock in profitability statements by big bankers. Bear Stearns and Lehman Brothers' CEOs were bubbling with CNBC-like confidence right to the end.
Update -- John has a good retort:
But I thought almost all economists agreed with Obama’s economic policies? … Actually, I’m feeling a little better about the economy these days. No doubt: Look for more grim unemployment and market news. Dark days still lie ahead. But my new hunch is that economy may be close to bottoming out (as in this summer or early fall) -- and that the much-derided Tim Geithner may yet be vindicated (as in yours truly eating a little crow). ... BTW: Don't put too much stock in profitability statements by big bankers. Bear Stearns and Lehman Brothers' CEOs were bubbling with CNBC-like confidence right to the end.
Update -- John has a good retort:
Can we be done once and for all with surveys of economists? Does anyone care what they think? Their "analyses" and "forecasts" from 2006, 2007 and 2008 were so embarrassingly awful and wrong (with a few notable exceptions) that it seems almost indecent of them to still be answering the phone.
