The Punditry Economic Indicator
For over a year now, we have been told consistently by the vast majority of talking heads and pundits that “things aren’t so bad” or “it’s looking up” or “the market/economy/housing market has bottomed out and will go up now” etc etc etc. Obviously, none of these things are true.
For the past few weeks, though, the general consensus amongst the punditry and talking heads is that we are now heading towards economic armageddon. That the Dow is going to drop below 4000. That unemployment is going to get up to 12, maybe 15 percent. That there won’t be any recovery anytime soon–maybe not until 2011 or even later.
Now, I will freely admit that I do not have a strong knowledge base in economics beyond the basics, which is why I haven’t done a lot of commenting on the current situation or tried to make any predictions. Still, I can’t help but notice the trend of the majority of pundits being consistently wrong about the economic future. Accordingly, I can’t help but wonder if the economy is soon to turn the corner into a positive direction….
Photo by DavidDMuir under Creative Commons license.