Jump to content
To change color scheme, click on themes at bottom of page ×
RightNation.US
Sign in to follow this  
MTP Reggie

‘Expert’ predictions of economic disaster were all erroneous

Rate this topic

Recommended Posts

MTP Reggie

'Expert' predictions of economic disaster were all erroneous

December 31, 2019

John R. Smith

Biz Pac Review

 

<More Here>

 

The American left is chock-full of self-styled mavens who have been predicting economic disaster caused by a Trump presidency. Predictions started during his race, dire warnings about what would happen if America's "deplorables" carried the day at the ballot box. Today the fake news media is swarming with disaster-phobes hoping for a coming economic apocalypse.

 

Time for the gleeful exercise of calling out those doomsayers, and scorning their predictions.

 

Let's start with the worst of the worst, a list headed by a guy named Paul Krugman. Krugman is the chief economist writer for the New York Times. When Trump won his election, Krugman predicted Armageddon, bleating that "a terrible thing has happened…we are probably looking at a global recession, with no end in sight". He named Trump "the mother of all adverse effects". But then a funny thing happened. The American economy soared upward, making a liar out of Krugman. Again.

 

Krugman's 2016 malarkey was just the beginning. He's still at it. Two months ago, Krugman wrote a classic piece of garbage entitled "The Day the Trump Boom Died", stating that "business confidence (has) collapsed". Trump and his team, don't you see, "are very strange people who have no idea what they're doing", says Krugman.

 

Apparently it doesn't bother Krugman that he's been wrong about nearly everything for years. Could be he has no sense of shame. The bigger mystery for me is how he keeps his job at the Times. Evidently, there are incompetent management people at the Gray Lady, unwilling to hold their writers accountable for stupid predictions and for slamming America. This guy Krugman has won some economist awards, a humiliating indictment of the economics industry.

 

But let's move to the predictions of oversized filmmaker Michael Moore, who predicted "post-election economic doom and gloom". He advised people "not to invest in the stock market, not now. Way too dangerous". Moore is not Merrill Lynch material.

 

Then we have MSNBC "economic analyst" Steve Rattner, who was some sort of czar under Obama, who confidently told the world that if "Trump wins, you will see a market crash of historic proportions". Time for you to crawl out from under your bed, Steve.

 

Moving to the gifted clairvoyant Nancy Pelosi, we have her priceless forecast that "Trump's policies would cause 'Armageddon' for family finances, the American economy, and the stock market". Not just wrong, but dead wrong.

 

Mitt Romney, infamous economist who let all conservatives down in the 2012 election, said in March 2016, "Trump's domestic policies would lead to recession." Stay put in Utah, Mitt.

 

Ben White of Politico offered his economic two-cents: "Wall Street is set up for a major crash if Donald Trump…wins the White House", saying financial markets would see "panicked selling should Trump…deliver a shocking upset on Nov. 8".

 

How's this one, the headline of a Washington Post 2016 editorial? "A President Trump Could Destroy the World Economy". Apparently, everyone at WaPo skipped Economics 101.

 

We can't leave out the wonderful quote from former Obama and Clinton chief economist Larry Summers, in 2016: "Under Trump, I would expect a protracted recession to begin within 18 months." In December 2018, he increased to 60% his odds that a recession would start in 2019.

 

(snip)

 

<More Here>

Share this post


Link to post
Share on other sites
erp

I bet you everyone of these scum suckers have made money in the Trump economy. Hypocrites that they are.

Share this post


Link to post
Share on other sites
oki

Before you believe anyone, any group or any study make sure to look who is paying for it.

Share this post


Link to post
Share on other sites
johnnybravo

I was at a conference for executives in October. One speaker was a person high up in a bank’s financial side and said something interesting. They said that every analyst will always say that a recession is coming and the timeframe will always be around 18 months away. I’m sure it is a way for financial planners to make money. Until the charts start showing that something is happening then just continue life as normal.

Share this post


Link to post
Share on other sites
GrimV

Krugman's awesome powers of prediction were in full bloom election nite. This is without a doubt my favorite:

 

“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?” Krugman said in his post. “If the question is when markets will recover, a first-pass answer is never.”

 

“We are very probably looking at a global recession, with no end in sight,” he added. “I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”

 

SOURCE

 

First off, the stock market IS NOT the economy. Something a Nobel Prize winning economist should already know.

 

Secondly (as the article notes), he was proven wrong less than 9 hours later.

 

The "plunge" he mentions was a good old fashioned "stop run". Most traders assumed Hillary would win and positioned themselves accordingly (a good majority were short). When it became clear Trump would win, they found themselves on the wrong side of the trade and were left with one option: push the market down and stop out all the longs.

Share this post


Link to post
Share on other sites
scotsman

Must be the same experts who predicted the demise of the UK the day after the Brexit vote. And have been wrong every time.

Share this post


Link to post
Share on other sites
mjperry51

Experts aren't. . .

 

Share this post


Link to post
Share on other sites
Noclevermoniker

Definition of “expert”: “Ex”, as is “has been”; “spert/spurt”- a drip under pressure.

Share this post


Link to post
Share on other sites
NH Populist

Must be the same experts who predicted the demise of the UK the day after the Brexit vote. And have been wrong every time.

Yep, and unlike the last U.S. president who threatened Teresa May with no help if you-all voted to leave the E.U., Donald Trump is already on board to make a trade deal with Boris Johnson once it happens.

Share this post


Link to post
Share on other sites
Natural Selection

'Expert' predictions of economic disaster were all erroneous

 

Some of these "predictions" were posted on RightNation as fact.

 

Charts and graphs were included.

 

:rofl:

Share this post


Link to post
Share on other sites
Joe the Pagan

Must be the same experts who predicted the demise of the UK the day after the Brexit vote. And have been wrong every time.

 

Are they the same experts would predicted a close race in the last UK election?

 

I am surprised the experts have not proclaimed themselves to be correct. The exit polls show Labor dropping to 191 seats, but they only dropped to 203.

Share this post


Link to post
Share on other sites
Taggart Transcontinental

Must be the same experts who predicted the demise of the UK the day after the Brexit vote. And have been wrong every time.

 

Remember one thing.

 

All of these so called experts are trained in Keynesian economics. Basically marixism for dummies as far as econ 101 goes. None of them could predict the outcome of deregulation and divestment by the government because they do not understand the Austrian theory of economics. Less government intervention for them means less economic activity. Getting the government out of contracts between two grown adults is the fastest way to economic growth.

 

Same with Brexit. It is going to be successful because smaller means more choices, and more choices means less overall waste. The theory central planners have is they can plan for you better than you can. If that's the case clothing would be made in 3 sizes and people would have to tailor it to fit. That isn't the case and there are many sizes for the individual person.

Leftist want to dictate your choice, it's what they are best at.

 

Share this post


Link to post
Share on other sites
Taggart Transcontinental

Yep, and unlike the last U.S. president who threatened Teresa May with no help if you-all voted to leave the E.U., Donald Trump is already on board to make a trade deal with Boris Johnson once it happens.

Knowing Trump he's already got a delegation there negotiating a trade deal for the 1st day of freedom. In fact I am betting the day they shake hands to leave the EU Trump will be there in person to sign the deal.

 

Anyone else agree with that thought?

 

 

Are they the same experts would predicted a close race in the last UK election?

 

I am surprised the experts have not proclaimed themselves to be correct. The exit polls show Labor dropping to 191 seats, but they only dropped to 203.

 

They are also saying Bibi is on the way out. Not sure that is going to happen either.

Share this post


Link to post
Share on other sites
zurg

The predictions are primarily done for one of two reasons:

1) stupidity (e.g. Krugman)

2) attempt to influence public opinion (Moore, Rattner)

Share this post


Link to post
Share on other sites
USMCforever60

Meh, in the long run we are all dead.

Krugman's a dolt, in the first order, I have witnessed door stops with more intelligence.

Anyone connected to the alphabet networks, who calls themselves and expert, is usually someone who could hold a job in the "Real World". JMTC

Share this post


Link to post
Share on other sites
Howsithangin

Before you believe anyone, any group or any study make sure to look who is paying for it.

 

:clap:

Share this post


Link to post
Share on other sites
AntonToo
Posted (edited)

Some of these "predictions" were posted on RightNation as fact.

 

Charts and graphs were included.

 

:rofl:

 

You talkin' to me?

 

If so, maybe you can go ahead and quote me to support your suggestion that I predicted economic disaster.

 

 

There was a general expectation of a slowdown in economic growth this year (thats not the same as disaster)... and while the year turned out slightly above expectation, it was still a bit of a slowdown. From 2018 Q4 through today we've had 3 of the weakest GDP growth quaters since Trump got into office.

 

In fact the best growth year for Trump is still 2017, before any of his policies took any real effect (tax-cuts went into effect in 2018)

 

 

Trump and his advisors promised 4, 5 or even 6% GDP growth spurred by the almighty tax-cuts...WHY IS NO ONE HERE COMPLAINING ABOUT THOSE PREDICTIONS? and why are his supporters are now very delighted with 2-point-something growth?

Edited by AntonToo

Share this post


Link to post
Share on other sites
zurg

You talkin' to me?

 

If so, maybe you can go ahead and quote me to support your suggestion that I predicted economic disaster.

 

 

There was a general expectation of a slowdown in economic growth this year (thats not the same as disaster)... and while the year turned out slightly above expectation, it was still a bit of a slowdown. From 2018 Q4 through today we've had 3 of the weakest GDP growth quaters since Trump got into office.

 

In fact the best growth year for Trump is still 2017, before any of his policies took any real effect (tax-cuts went into effect in 2018)

 

 

Trump and his advisors promised 4, 5 or even 6% GDP growth spurred by the almighty tax-cuts...WHY IS NO ONE HERE COMPLAINING ABOUT THOSE PREDICTIONS? and why are his supporters are now very delighted with 2-point-something growth?

In order to validate your claims, why don’t you list (numerically) the quarterly GDP growth numbers from say Q1 2013?

Share this post


Link to post
Share on other sites
MontyPython

Again, just like in the other thread, it's nothing short of hilarious to see any leftist pointing fingers at Trump for "failing" to get something done after the left has spent the past 3+ years DOING EVERYTHING POSSIBLE to MAKE SURE he got nothing done.

 

It's no more intelligent or mature than the 12-yr-old 6th grader who grabs the 8-yr-old 3rd grader's arm and makes his hand hit his own face, while sneering "Why are you hitting yourself? Why don't you stop hitting yourself?"

 

Democrats apparently never matured beyond gradeschool.

 

<_<

Share this post


Link to post
Share on other sites
johnnybravo

It’s amazing that we aren’t hearing “it’s the summer of recovery” every year since Trump took office.

Share this post


Link to post
Share on other sites
scotsman

Yep, and unlike the last U.S. president who threatened Teresa May with no help if you-all voted to leave the E.U., Donald Trump is already on board to make a trade deal with Boris Johnson once it happens.

 

Given that the vote took place months before he HAD to leave office, shows how stupid or truly arrogant he was. Unless he was so arrogant enough to think a Hillary admin. would follow his ideas, if she'd won. His warning wasn't just arrogant, it was simply stupid.

Share this post


Link to post
Share on other sites
scotsman

Are they the same experts would predicted a close race in the last UK election?

 

I am surprised the experts have not proclaimed themselves to be correct. The exit polls show Labor dropping to 191 seats, but they only dropped to 203.

LOL

 

It was High-larious watching Labour thinking they could win or get a hung parliament, they truly had no idea how hated Comrade Jeremy was across the UK. The fact is that millions hate the Tories, yet they still won a landslide. Jeremy was and is the definition of a man who couldn't win if he was the only candidate.

Share this post


Link to post
Share on other sites
scotsman

Remember one thing.

 

All of these so called experts are trained in Keynesian economics. Basically marixism for dummies as far as econ 101 goes. None of them could predict the outcome of deregulation and divestment by the government because they do not understand the Austrian theory of economics. Less government intervention for them means less economic activity. Getting the government out of contracts between two grown adults is the fastest way to economic growth.

 

Same with Brexit. It is going to be successful because smaller means more choices, and more choices means less overall waste. The theory central planners have is they can plan for you better than you can. If that's the case clothing would be made in 3 sizes and people would have to tailor it to fit. That isn't the case and there are many sizes for the individual person.

Leftist want to dictate your choice, it's what they are best at.

 

IMO Brexit is a throughbred racehorse waiting to be let loose. Unlocked from 46 year old tethers.

Share this post


Link to post
Share on other sites
scotsman

Knowing Trump he's already got a delegation there negotiating a trade deal for the 1st day of freedom. In fact I am betting the day they shake hands to leave the EU Trump will be there in person to sign the deal.

 

Anyone else agree with that thought?

 

 

 

 

They are also saying Bibi is on the way out. Not sure that is going to happen either.

 

Pretty much.

 

I think he is or is in danger of it. I don't think he holds his own party anymore, let alone the potential voters and his supporters. You cant survive every scandal.

Share this post


Link to post
Share on other sites
GrimV

 

 

 

Trump and his advisors promised 4, 5 or even 6% GDP growth spurred by the almighty tax-cuts...WHY IS NO ONE HERE COMPLAINING ABOUT THOSE PREDICTIONS?

 

Because Trump is a blowhard.

 

2% growth is perfectly normal for a healthy economy.

 

and why are his supporters are now very delighted with 2-point-something growth?

 

Because 6% growth is unhealthy.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...