This is not terribly surprising given than this is the same class of people and the same kind of problem that led to overvaluing the housing market a decade ago, and the stock market…
There is basically no field in which experts are very good at predicting the future.
This statement is funny and accurate:
“I don’t expect the consensus to be right, I’m just surprised by how wrong it has been,” Jim Bianco, president of Chicago-based Bianco Research LLC, said by telephone on May 28.
And yet, they all still do it, and people still listen.