Saturday, May 26, 2007

Wanted: A One-Armed Economist

One of the funnier stories I heard was a politician who was asked what was the first thing he would do if elected. The politician replied, "I will hire a one-armed economist."

I have always taken the piss out of economists. I did study the subject for two miserable years and if you take away the charts from economists, they would not have anything to talk about. Think about it!!! They always need to draw a chart.

A normal economist prediction would go something like this: " I think the US equity markets may have more upside in store as the prospects of lower rates by the Federal Reserve is still intact, though it looks more like 4Q rather than 3Q. On the other hand, the whole lowering rates scenario will be blown out of the water if future housing starts figures continue to surprise on the upside". Doesn't that pxxx you off, that's why we need only "one-armed economists" so that they cannot say "on the other hand..."

Again, going back to my favourite definition of an economist: Someone who tells you why their previous prediction went awry.

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