Having Successfully Blocked Out Last Year's Massive Predictive Failure, Abby Joseph Cohen Says "The Recession Has Ended! Expect 2% Growth For 2010"
If you've been watching markets for the last 2 decades, you've seen 2 women rise to the level of Wall Street guru (though perhaps in both cases they were partly self-anointed and partly CNBC hoisted). They are Elaine Garzarelli and Abby Joseph Cohen of Goldman Sachs.
Before you get excited by her extremely positive outlook, be aware that she's a perma-bull who has completely whiffed in her predictions for several years running. In '08 she called for a sharp rise in the S&P 500 to a 2008 year end-level of 1675. The index finished the year below 1000. Ouch. And that was on top of a massive failure of prognostication in 2007.
She's essentially useless and is additionally guilty of being personally annoying. I can't pinpoint it, but I think it's the slow and methodical delivery based so obviously on talking points that causes me to throw things at my television whenever she appears. Oh yeah, and there's the fact that she foresaw none of the housing-financial crisis. She apparently lives in a Goldman air-chamber and has not been exposed to reality for nearly a decade.
Her '08 call was a serious miss. It should have wrecked her career and reputation as a financial pundit, but the tools who run CNBC and Bloomberg would never allow actual performance to get in the way of ratings. So she appeared again today on Bloomberg to blow more smoke up your...
Cohen With Tom Keane
Aug 17, 2009 at 4:47 PM
Reader Comments (5)
http://www.reuters.com/article/ousiv/idUSTRE57G0E820090817
http://blogs.wsj.com/deals/2009/08/14/the-lehman-bankruptcy-fee-awards-and-the-winner-is/
Not a fan of Abby.
LOL! how about this..Abby is washed up.