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Joe Brennan
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MODEL MASTURBATATION Thank you for posting my unedited comments on your blog. I have to thank Janet Tavakoli for coining the above title phase and adding it to the economic lexicon. As an aside I note your use of the phase ‘Blue Chip consensus’ and it’s tight correlation to the New York Fed Forecast. Does this blue chip consensus refer to what is commonly called, ‘Wall Street Consensus’, ie ‘sell side consensus’. I rest my case.
These reflections on failure are reminiscent of 'I didn't know the gun was loaded', in short, another excuse at 6pm on a Friday. We hope no one notices. You may need that excuse book again shortly - looks like there's a better than 80% probability of another recession, if we're not there already. Do your current model inputs compute a recession? You'd better start model masturbating again. Suggest you subscribe to John P. Hussman's Weekly Market Comment and save some money on your model drones.
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Nov 26, 2011