I’d say one of the big reasons we are facing an economic crisis is that the investment professionals who are supposed to have a handle on the economy were for the most part completely ignorant (willfully or otherwise) about the conflagration they have created. I guess they were too busy spending their multi-million dollar bonuses and encouraging businesses to “right-size” and explore off-shoring to notice the damage they were doing.
What I find sadly ironic though, is that when members of this group now make predictions for the future people are still paying attention; case in point, Merril-Lynch has come out with a particularly gloomy forecast for Canada, and it made the news, and was being discussed seriously.
Merril-Lynch recently announced multi-billion dollar losses, and in the past it has been caught out making trades for the benefit of brokers, as opposed to customers. In short, it is just one of many companies and organizations that are part of the problem. Why do they still have credibility? I wouldn’t trust them to predict how many fingers and toes the average person has, at this point.
Tags: Economy
