The old joke about economists being created to make weathermen look good has been around for as long as finance and meteorology. To be fair both are very tough professions, trying to predict with a high degree of certainty a force that changes rapidly and affects the lives of many. In an attempt to accomplish that feat, both professions have poured the most significant advancements of theory, science, and technology into their practice, trying as they might to keep the next market correction / rebound or natural weather disaster / beautiful sunny day from being a surprise. As we know all too well, this unfortunately doesn’t always work out, and we are sometimes left on the wrong side of the trade or soaking wet on the golf course.
Economists and Weathermen