Dr. James F. Smith

I enjoyed the coverage given Drs. (James F.) Smith and (David W.) Berson (Daily Planet, 5/7/08). Given the usual fear-mongering of the media, this news was really soothing, all the more so since economics has been called “the dismal science.”

Let me see if I got their drift: We’re definitely NOT in a recession, but we’ll be out of it by the 3rd quarter.

House prices are NOT down in Asheville, there are just a lot of houses for sale. The weak dollar will help us, but a strong dollar will solve the non-existing housing crisis. We don’t have to worry about China’s economic growth, because at 1.4 billion people they’ll soon run out of girls, and their lack of population growth will do them in. Oil prices will dip (the prestigious Economist {magazine} has predicted that oil prices would stay low or drop in 1999, and again in 2002), but the high price will lead to innovation.

Dr. David W. Berson

I am well-informed now and feel much better already.

One more thought: Economists and weathermen never apologize for their wrong forecasts. Where they differ is that weathermen keep statistics of their failures that you can look up.

HERMANN GUCINSKI
Fairview

EDITOR’S NOTE: A story on last year’s Economic Crystal Ball Forum — and the forecasts made then by Smith and Berson — can be found HERE .