Doomsayers were right before. Are they wrong now?

Adam Davidson has a piece in this weekend's NYT magazine: "It Is Save To Resume Ignoring Prophets Of Doom, Right?" He quotes such sourpusses as Noriel Roubini, Peter Schiff and Johns Hopkins University econmist Steve Hanke, all predicting dire events for jobs and growth.

Hanke gets featured as one of the "Four Geeks of the Apocalypse," but he's mildly bearish compared with the other guys. Hanke puts the chances of a 2012 recession at 50 percent, while Peter Schiff's quote is: "I think Americans are going to be sewing clothes rather than buying them." Sure, some of these predictions are long-term. But the January jobs report does not imply a recession in the immediate future.


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