On Dec. 13 Barron's Magazine published their 2016 economic forecasts, and from their crystal ball they cited the same analysts who made market predictions for the publication last year. However, if you go back to Barron's 2015 forecasts you will find a very interesting dichotomy...
That is, nearly all predictions made by these mainstream economists were wrong.
On average, most of the analysts put the S&P 500 at 2200 for 2015, off by a 66 points at the record high of the market, and over 190 from its close on Friday.
In addition, these analysts GDP growth estimates were between 2.8% and 3.2%, but growth for 2015 going into the final weeks of the year is a paltry 2.1%,
And none of them saw the drop in energy prices leading into 2015.
So again one year later, let's take a look at these same forecaster's and how off they should be seeing as their primary job is to always forecast bullish sentiment rather to keep the stock markets going higher.
S&P 500 ranges from 2100 to a whopping 2500, but perhaps what is most interesting is the decline in their predictions for GDP growth. 1.9% - 3.25%.
Note: Nearly all alternative media economists like Peter Schiff, Gerald Celente, Rob Kirby and Jim Willie are far below these fairy tale predictions for the coming year. So enjoy a bit of pragmatism vs. Goldilocks optimism.