The consumer confidence numbers came out this morning and they unexpectedly (depending on your expectation) dropped. Indeed, not one economist, of the 79 surveyed, was as pessimistic as the actual result - not one.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_xPp7Pzgs5E
I noted earlier this month how not one out of 80 economists surveyed was right or pessimistic enough on the jobs report on October 2 - not one.
http://www.google.com/hostednews/afp/article/ALeqM5jNat8FSYDU-6wVcrkdfTsuIylT4g
How is it we keep listening to these people? Very few of these "experts" forecast our current situation, yet we still like to survey them and some seem willing to believe them. Face it folks, the job market is in shambles, debt is off the charts (both public and private) and the current stimulus is running out of steam. What is there to be confident about? I am confident we are in for more pain, I just do not know when the markets will wake up to this fact and react.
Disclosures: None.
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