More than 50 percent of managers believe the S&P 500 will finish up at least 8 percent in the coming year, while financials will be the strongest sector and materials will be the weakest, according to CNBC's Trillion Dollar Survey of financial experts.
Well heck they're experts how could they possibly be wrong?
More than half -- 56 percent -- predicted a US recession in 2008, while respondents were almost evenly split over whether the credit crunch will get worse. Also, the survey found experts optimistic about housing, with 58 percent saying real estate will get "a little better."
Were these the same 58% saying housing would recover in 2007? Or was this the 58% who said subprime was nothing to worry about? If S&P500 finishes less than 8% in the red for 2008 it will be a miracle.
I am still amazed at the good news Kool-Aid being consumed by people who should know better. Then again as Upton Sinclair said:
"If is difficult to get a man to understand something when his salary depends upon his not understanding it"