Why do so many people take economists predictions as gospel? They are notorious for being wrong, and most of the people on this board probably have an equal to or better chance of being correct than anyone else, especially economists. Leamer was one of those people that said the correction would be in real terms, and that nominal prices would not go down much if at all. Now here he is changing his tune. Roubini has predicted a recession since he was born, and still not been proven correct. Yes he had the housing bubble pegged, but so did everyone who participates here.
Do your own research and make your own decisions. Seeking out others opinions that are similar to yours, is not going to enhance your odds of being correct. I seek out opinions that are the opposite of my own, just to see if they contain merit that would warrant re-evaluating my own. It is one of the main reasons I still hang around in here from time to time, reading opinions that are the opposite of mine to see if I have missed anything worth considering.
