In Friday’s post about the Stock/Economy Pumper-in-Chief we also noted regarding economic ‘experts’ AKA economists:
Of course the ‘experts’ were wrong. They are usually wrong. That’s why I tune out ‘experts’, especially economists. Never a more Wrong Way bunch of Corrigans have I ever seen (don’t believe me, believe the Economic Surprise Index, constantly showing how surprised the experts are by economic activity).
Here’s the latest CESI from Yardeni.com. Questions? This measures actual vs. the predictions of the experts who are fabulously wrong approximately every time this reading spikes one way or the other. On Friday’s in-the-bag Jobs joy fest the CESI rammed a surprise right up the experts’ tail pipe.