All the Wall St. Economists had been predicting the job gain of 100k, 150K and some even 175K for the Nonfarm Payroll data of June 2011. But the actual number came at a paltry 18k. And we are yet to get one good explanation from these Economists as to why they were so off the mark. No-body came forward and said: “we goofed up”. None said sorry for misleading you. But then what do you expect of Economists. They could not, for the love of their life, tell that in 2008 the whole world was going to be in a recession and they cannot tell even now that we are about to repeat it. Some of the Noble winning economists , many of them write columns in NYT or other news papers, still think we should borrow more and spend more. Why not a single economist has been fired from their job yet, beats me. How come they earn six figure salary?
Anyway, the economists are not the problem, the problem lies with our collective greed and hypocrisy.
Let me quote from Ayn Rand, Atlus Shruged :
“When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.”
Just think if that applies to your society, your country. Whether you are in USA, Greece, India, China, Spain, Italy or some other part of the world. If you think that the above quote applies in that society where you live, you may be certain that decay has set in. So it does not matter anymore that politicians lie, bankers commit fraud, and economists and Wall St. traders earn six figure salary and the food stamp participation go through the roof.