"The purpose of economic forecasting," said John Kenneth Galbraith, "is to make astrology look respectable."
haha....I love that comment.
perhaps I should send SKeen a telescope
And there's no better illustration of that maxim than the failure of every market economist to pick today's interest rate decision by the Reserve Bank.
Each month, 20 pundits from the big banks and financial houses are surveyed by the financial wires about what's going to happen at the RBA board meeting. And this month, every pundit said the RBA would lift the cash rate by 25 basis points.
Instead, the RBA left the cash rate on hold - as it pretty much said it would after its last meeting of 2009.
