"Economy is on the cusp of a major boom and economists believe it could last" If that's what economists believe, then we're all doomed. Stock Market 1929, Yal

"Economy is on the cusp of a major boom and economists believe it could last" If that's what economists believe, then we're all doomed. Stock Market 1929, Yale economist Irving Fisher declared that "stock prices have reached what looks like a permanently high plateau." The markets experienced a major crash not long after. In the late 70's we had the "death of equities", and "only old people were buying them". It turns out that the old people weren't as dumb as others thought, as stock markets subsequently went on to have one of the greatest bull markets in history. Late 90's, IIRC Greenspan stated that we were in a Goldilocks economy. Starting 2000, stock markets dived. 2007, UK Chancellor of the Exchequer in the UK said the economy was in great shape. Shortly before the banking crisis. Again and again, economists have proven that they are no better at predicting the economy than you or I. Greenspan once boasted that his job was difficult that being a quantuum physicist was probably easier. The sheer conceit of the man! All those PhDs, all those smarts and hard work, so much hubris, yet all of it is complete nonsense. As far as I'm concerned, the only use of economists is as a contrary indicator. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" -- Friedrich Hayek