Mark Zandi: Never Right, Yet Still Trusted

It's premature to say the economy is reviving in a consistent way, but I think it is fair to say the economy isn't going to weaken any further." So predicted Moody's chief economist Mark Zandi on July 6, 2007, right in the midst of a deflating housing bubble.  As the rest of the world knows, the U.S. economy didn't bottom out till well over a year later.  Chalk up another failed prediction for Mr. Zandi who holds a worse record than Charlie Sheen in rehab.  Even more ironic is the fact that he works for one of the three stooges of rating agencies that were blind to the toxicity of subprime mortgage paper. Like Alan Greenspan, whose over-hyped reputation as a central planner provided cover for easy credit policies which inflated the housing bubble, Mark Zandi still has the nerve to pop up on national media outlets and share his infinite wisdom. Mr. Econ-extraordinaire recently came out in favor of Obama's newly proposed home refinancing program HARP (sounds devilishly...(Read Full Post)

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