Economic forecasting

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• In 1987, Ravi Batra predicted an economic depression in his best-selling book, The Great Depression of 1990. He subsequently wrote other books on surviving economic upheaval.

• In 1996, economist Alan Greenspan famously stated that there was irrational exuberance in the stock market on Dec 5, 1996, and indeed, may well have contributed to it as a result of his policies as Chairman of the Federal Reserve. His warning went unheeded and the stock market continued to boom in the late 1990s until the stock market downturn of 2000 and 2001, when it became evident that the warning had been correct.

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