I think you may be confusing “economists” with the Composite Index of Leading Indicators, aka the LEI. The survey of 226 economists was conducted from July 14 to Aug. 1, before Trump announced the latest round of tariffs against China and before the last bout of market volatility. Can you think of another industry where being wrong 97% of the time grants you enormous power, wealth & responsibility? What you say sounds right for the LEI. Protecting banks & the super rich comes with it's perks. Or of course his call for hyperinflation, but we got deflation in 2008. One article included Samuelson's most quoted remark and a favorite One of his famous quips was that declines in the stockmarket have predicted nine of the last five recessions. This time there's an alternative. The joke dates from the mid-1960s. Tells the shepherd, "I will bet you $100 against one of your sheep that I … In other words, stock market downturns don't always indicate … In 2013 (might have been '14) PS called for gold @ $5,000 oz. Economists love to call recessions. As the old joke has it, “Economists have predicted ten of the last five recessions.” Capitalists and communists fight each other. Economists widely consider recessions to be normal parts of economic cycles, and policymakers have been on guard for a slowdown for several years. Recall the old joke.....Peter Schiff has predicted 17 of the last two recessions. Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. Economists have predicted 5 of the last 153 recessions. Economics Jokes . In 1966, Paul Samuelson, the first American economist to win the Nobel Prize in Economics, was quoted as saying, “The stock market has forecast nine of the last five recessions.” Since then this joke has been generalized as, “Did you know economists have predicted nine of the last five recessions?” Recessions … Sameulson's quote means that the stock market has often predicted that recessions would come when they, in fact, didn't. An old joke in economics goes that: “Economists have predicted nine out of the last five recessions”. So the joke is that it's predicted "9 out of the last 5" because it has predicted 9 when it ought to have only predicted 5. It has sounded some false alarms. Bitcoin. The standard joke about economists and recessions is the one made by Paul Samuelson that some economists have predicted nine out of the last five recessions. Heard at the Wharton School.