Economic predictions for 2009

USA Today’s informal survey of economists reveals a recovery by summer. Ha! Ha ha ha! Ah-hahahahaha! Hoo-ha!

Okay, now that we’ve had our laugh, let’s get serious. 24/7 Wall St. reveals ten well-known companies that may not make it to 2010.

  1. Chrysler (Before hedge fund Cerberus bought the company from Daimler, one analyst put the value of Chrysler at $0. Presumably, it’s worth less now.)
  2. Sirius XM – (No surprise to me — terrestrial radio is really struggling, but the eventual emergence of mobile WiFi in cars will send satellite radio the way of Betamax.)
  3. AIG
  4. Fannie Mae and Freddie Mac (Well, duh!)
  5. Rite Aid (Lost out to Walgreens and CVS.)
  6. The New York Times (The Internet is doing the to old-line print media what it’s doing to old-line broadcast media, only moreso.)
  7. Nortel, the huge telecom equipment company
  8. Pier 1, trading down at $.32 from a 52-week high of $8.25
  9. Charter Communications (Based on the service we got from Charter in St. Louis, it’s no wonder.)
  10. Hovnanian (Just one of many new home builders really struggling with the tanking real estate market.)

Back to the USA Today piece: reading the baseless optimism of the economists cited in the article reminded me again why I never really used my Econ degree for anything. Most economists are about as scientific as gypsy fortune-tellers — and less accurate.

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