>> Economists are as effective as astrologists at predicting the future.
Well, it doesn't help that they don't have control over external factors. Like the Fed reducing interest rates to 0, and buying corporate bonds. Very hard to predict something when there's no free market where things just play out with no external influence.
On the other hand, they are predicting the Fed's actions, that's always a significant part of the models, and the Fed and the government etc aren't random actors, they are somewhat predictable (and stability is their goal which helps in that regard). But they aren't really the market makers by themselves, so even if you get those predictions right, you might still be far away from being correct.
Well, it doesn't help that they don't have control over external factors. Like the Fed reducing interest rates to 0, and buying corporate bonds. Very hard to predict something when there's no free market where things just play out with no external influence.