Don't you love it when your opinion is validated by an unexpected source?
I've spent the last two days writing down key economic events from March 2007 to March 2008 in a little notebook, including expert quotes. Some of the best quotes came from Mark Zandi, who said:
July 2007: (Market at all-time high, nudging toward 14,000 mark) Zandi says fundamentals are OK. "What's driven the marked in the last few days, couple weeks, is the relief that the economy is going to be able to digest the housing downturn and the mortgage-market mess without falling into recession. I think there was a lot of concern about that."
Well, thank heavens ... what a relief!
Of course, Zandi works for Moody's, which said in August 2007 that a "limited contraction" of the economy could be beneficial because it could moderate consumer spending and keep a lid on inflation.
Zandi also loved Bush's lame little effort to help the situation in December 2007, freezing rates for 10-15 percent of the ARMs (adjustable rate mortgages) set to reset to a higher interest rate.
So I googled Zandi to see if he'd been fired yet, and no, he's still the go-to pundit for journalists covering the economy. But I did get some small validation from an article at RealClearMarkets, a site that aggregates market news. In June 2011, they posted this article titled "Mark Zandi: Always Quoted, Often Wrong, Never in Doubt."
Ha!
No comments:
Post a Comment