Prognosticators eating crow after economic meltdown predictions don't materialize
(Everything2000) They helped spread fear of financial catastrophe around the world, and as Y2K came and went with hardly a problem, those doomsayers acknowledge they made a mistake.
The financial wizards traveled the world speaking to groups about the potential for a global recession. Dennis Grabow, and investment banker from Chicago, has been talking about Y2K computer meltdown for two years leading up to the Year 2000 changeover.
``I'm just totally stunned,'' Grabow told the Associated Press. ``Those of us who have been following this issue are quite shocked that we've had this seamless transition,'' he said. ``It's phenomenal.''
Grabow's Millennium Investment Corp. has been selling Y2K-calamity investment strategy to clients. Grabow has also given more than 100 speeches and some called him a modern Y2K Prophet. A forecaster, who, as it turns out, is wrong with his predictions. Grabow says he's happy to be incorrect, after all it is good news that the global markets won't be collapsing.
Another man who spent years talking about a Y2K-related recession is economist Edward Yardeni. Yardeni said the economy will shrinks this year because of widespread computer failures due to the Y2K bug.
``The recession forecast was just wrong,'' Yardeni, the chief economist for Deutsche Bank Securities Corp. in New York told the Associated Press ``That's simply the fact.'' ``It turns out that none of my concerns were warranted,'' he said, ``and that the Y2K community did a great job of giving us a flawless transition.''
Of course, there's still concern about what might happen with Y2K, computers and leap year. But you can bet Grabow and Yardeni won't be talking about that issue, both say they're done talking about Y2K.
(Source: Associated Press)
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