Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: stockman_scott who wrote (3556)	7/31/2002 9:19:40 AM
From: Jim Willie CB	Read Replies (2) of 89467

economists remain consistent: wrong by 120% in Q2 GDP they use faulty assumptions, indefensible models and are politicized beyond belief, undermining credibility marketwatch.com same old same old economist consensus for Q2 was 2.4%, with actual at 1.1% very typical I have said 1000 times on these threads economists are the worst practicing statisticians among a dozen types it is amazing that so many people pay attention to what they have to say revision for Q1 was from 6% to 5% worse still, much of the 5% was from govt spending on war materiel and airport security systems try that in real business and you get fired within a year this flies in the face of any claim of serious econ recovery once again, "2ND HALF RECOVERY" is pure bullshit political cheerleading CAN ANYONE SAY "DOUBLE DIP RECESSION? next we get the falloff from wealth effect reduction in consumer spending which has been improperly minimized for the last few months as Stanford's Tversky reported 30 years ago, the "asymmetric wealth effect" hits much harder with losses than gains so we have the idiotic press/media trying to tell us now two ridiculously incorrect things now: 1. the stock market will CATCH UP to the economy 2. the wealth loss effect will be inconsequential I say both are wrong expect job loss announcements in the next several weeks to accelerate just when more bankruptcies are announced and probably when shareholder lawsuits pick up in earnest / jim

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