Is it time to stop reading economic forecasts?

by mo on July 8, 2010

We all stopped looking at our investment portfolio statements months ago. Why worry over retirements savings when retirement, for more and more of us, must be pushed off into the distant future. Over the holiday weekend and continuing into this week the news has been filled with rather gloomy economic forecasts. Is it time to stop paying attention?

Warren Buffet announced that he believes the economy is coming back:  “I see a recovery … This economy is coming back,” he said, while acknowledging the depth of the Great Recession. “But we’re coming back. There’s no question in my mind we’re coming back … People get scared in crowds. Their confidence comes back one at a time, to some degree. The government basically did the right things.”

That point about crowd mentality may have some merit. Though if you are one the the millions of Americans out of a job and no prospects for one in hand, I am not sure how much it matters. Still, with no new version of a WPA program on the horizon, perhaps this is what we much do. Beware of crowds. Given the impact of social media, can this be done?

Watch Mr. Buffet.

What do you think? [polldaddy poll=3446374]

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