Tuesday, May 27, 2008

Economists to keep predicting recession until they get one

ST LOUIS - Prominent economists will continue issuing warnings that we may be headed for a recession until it comes to pass, according to prominent economist Robert Hornby.

"It's basically a 50-50 chance; it could happen or not happen," said Hornby. "We'll just keep calling it until it happens, and then we'll be hailed as soothsayers."

"This recent bout of stability is no indicator of future events, especially with all the past instability in the housing market that could flare up again."

Hornby believes it is too soon to tell if the economy has turned a corner. "There's just so much unpredictability. House and gas prices could go up, but then again they could fall. It's so hard to tell."

Hornby explained that the financial crisis is indelibly tied to the economy, as is the labor market and credit rates.

"The only way to be seen getting it right is to stand by our forecast. It will become true; it's just a matter of time."
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