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In 1996, my first year on Wall Street, the New York Times wrote a story pointing out that IBM, which had employed more than two dozen in-house economists in the 1970s and ’80s, had canned them all. Many other major corporations like General Electric had done the same, preferring to use commercial services. Why? Because high-paid economists’ predictions were unreliable.
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Danielle DiMartino Booth (Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America)