Sunday, December 14, 2008

“About 2008: Sorry,”

The Economist publishes a predictions issue each year. In retrospect, their 2008 predictions were not accurate at all. In fact, the editors of the 2009 prediction issue (on racks now) felt it would be appropriate to admit this inaccuracy in their new issue. The quote: "About 2008: Sorry."

Here is one thing that they were directionally correct on (just missing on an order of magnitude, really):
“There will be a mad rush back to traditional banking.”
Considering insurance companies, investment banks, and the Detroit three have all applied for bank holding company status, I can't think of a more perfect example of a "mad rush" since the Cabbage Patch doll was the hot Christmas toy.

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