So the Bank of England are being welcomely frank:A confession has to be part of your new life.
We can't predict recession, says Bank of England deputy governor Charles Bean - Telegraph
Yet are the public ?Charlie Bean has admitted that the Bank of England failed to seen the recession coming and said people should not expect to be able to predict the timing and scale of such events with any "precision".
People who say "I saw it coming" are noisy these days - and are accorded unduly high attention due to an analogue of "[ame="http://en.wikipedia.org/wiki/Survivorship_bias"]Survivorship bias - Wikipedia, the free encyclopedia[/ame]"
Also a lot of people seem to think "the government should have seen it coming"... yet it is clear that recessions are not widely forseeable
The Russian government is one of the few (only?) governments I know of that promises to control the weather... it is not time for the public to stop expecting politicians to have major infleunce over the economy ?