Horrific economic forecasts from seers with track records
Predictions of an upcoming market crash and general implosion of the economy seem improbable, even when they come from credible sources.
A bit of gnawing doubt is stirred by stories about Britain’s cozy banking system and the interest rate scandal. The complete lack of transparency for ordinary savers and investors is a reminder how clueless we are.
The story at moneynews.com is from an interview on Fox Business with economist Peter Schiff. Other experts are quoted and the competition to hang the most black crepe on the economy is intense. Are things as gloomy at these folks say? In the absence of stronger regulation and oversight, and the enforcement of the rules on the books, it is hard to know.
This is all finding air time in the intense heat of the summer political season. That is no small factor in what gets featured. Is the country in for a long, slow recovery or is there another plunge into the abyss ahead?
Achenblog by Joel Achenbach
Postman On Politics