Thousands more jobs disappeared Tuesday. You can read about this misery in the article below.
My comment regarding this article has to do with the incessant economic prediction quoting that pervades business journalism. An economist predicts this, another one predicts that, still another predicts both this and that. We readers are supposed to take this stuff seriously. I don't. Why? Here's a simple truth about the practitioners of conventional economics in America: they didn't predict this recession. They didn't recognize its existence for an entire year until last December the National Bureau of Economic Research took a retrospective look at 2008 and--surprise, surprise--finally noticed an entire year's worth of layoffs, bank failures, bankruptcies, repossessions, store closings--you know, all the evidence of recession that everybody but conventional economists knew about and could see in front of their faces. Now these same clueless nerds are busy issuing predictions about the extent and duration of the recession they previous denied and getting these pointless predictions registered in the press. Why would anybody listen to these clowns to begin with? They have a perfect record of uninterrupted error and missing the boat.
The only people who know what's going on are the Austrians, and that's because they're the only ones who've got sound economic theory. Bop on over to The Mises Institute and start reading. You'll never listen to a syllable from the conventional economists again.
Read it here
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