So it is proved now beyond doubt that the only purpose of economic forecasting is to make astrology look respectable.
Just 6 months back, oil prices were hitting the roof. Prediction of economists and analysts in mid 2008 was that crude would cost anything between USD 200 to 250 in 2009 and now the revised prediction states that it would be close to $20 per crude barrel in 2009!!!!!
Such is the magnitude of error - to the tune of 10 times. So are oil companies next in the ‘bail-me-outta-bankruptcy’ queue?