Every single economist lied to you

It's not their job to make you any money, so why listen to them?

Hamilton D
October 17, 2024

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There’s something to be said about just how bad most economists have been over the last few years.

Much like the weatherman or Jim Cramer, there aren’t many jobs where you can be wrong all of the time and yet still get a paycheck every month.

Yet economists are wrong often.

Just check out this post from Bloomberg from October 17th 2022:

Yes - you are reading that right.

Two years ago, economists were forecasting a 100% chance that a recession was coming within 12 months.

Last time I checked 100% meant without a doubt, bet the farm on it.

And yet it didn’t happen.

As a matter of fact, only a few days before Bloomberg posted this headline, the market had bottomed and began the current bull market:

The stock market is up over 65% and into all-time highs from the date the article was posted.

But don’t worry, Goldman Sachs has your back:

Last week they posted that the risk of a US recession within the next 12 months is only 15% now.

Thank goodness someone cleared that up.

The point is that the media outlets are not there to make you money.

Their business model is to monetize your attention.

And there is no better way to do that than keep you scared because fear is the greatest human emotion.

Whether or not you make money off of anything they say is completely unnecessary for them to cap record profits.