What Happens Next?
As the world waits breathless for tomorrow's preliminary (only to be revised again and again) GDP estimate for Q2 2013 (having seen expectations collapse in recent months), there remains the ever-present faith that Q3, Q4, and on and on will see the mean-reverting growth lift the US economy from its current 'Better-Bargain'-less dystopia. So what happens next? Well, let's look at the trajectory of GDP expectations in 2007...
It is evident that there is an abundance of hope in futures expectations for GDP...
But where have we seen such exuberant hope before?
and how did that end?
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