Wednesday, December 31, 2008

Really Bad Predictions

...from Business Week (since we're in the finger-pointing mode down below in comments):

"A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!" —Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008

Good call, Dick. Except the markets had been gently declining for six months at that point ... and we know where they are now, don't we?

"I'm not an economist but I do believe that we're growing." —President George W. Bush, in a July 15, 2008 press conference

One more of the President's beliefs unsupported by ... you know ... facts. GDP shrank at .5% from July to September. And of course we were in a recession then, as we are in a recession now.

And to be fair and balanced -- we're not being partisan here -- there is Congressman Barney Frank's wrong analysis of Fannie and Freddie:

"I think this is a case where Freddie Mac (FRE) and Fannie Mae (FNM) are fundamentally sound. They're not in danger of going under…I think they are in good shape going forward." —Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008

Sixty days further on, the companies were in receivership ...

And one more prediction, not from Business Week.

Bolt will do $120 million domestic, and double that overseas. It's gonna come close to $400 million in world box office." -- Steve Hulett

The dude was a tad optimistic on that one. The way it looks now, the white doggie won't hit the $120 million or $400 million markers.


Anonymous said...

This Viacom vs Time Warner dispute doesnt look good...


Anonymous said...

A lot of these economic "experts" were also predicting $200 a barrel oil for this Christmas season....

Anonymous said...

Wasn't just Barney that got Fannie and Freddie wrong. Fed chairman Ben Bernanke said in July that F & F were strong.

Also wrong.

Anonymous said...

gotta love that Barney Frank character. hes like the bumbling villain that pushed the doom days button.

Anonymous said...

bush, asleep at the wheel again. Rome burns...I hear fiddle music.

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