Third Step: You Guessed It, Fire All The Experts!

Okay, we know steps one and two have also been to fire all the experts. But nobody seems to be listening. You know how in the sixties they used to say, “Don’t trust anybody over 30?” These days, it ought to be, “Don’t trust anybody with an economics degree.”

From the NY Times (emphasis added):

Again, we ask what seems to us to be a very simple question: how long until everyone stops expecting the people doing the “expecting” to know what the hell they are talking about?

The pattern has become numbingly clear. It’s raining grand pianos of bad news out there. And yet, again and again, these so-called experts look up at the sky and … fail to see any pianos. Or maybe they just see a light drizzle of Casio keyboards. They coax investors out into the open again, saying, “The worst has passed!” Then when pianos hit everyone in the head (again), the experts scratch their beards and say, “Golly, we didn’t see that Steinway coming! Who could have anticipated such a thing …”