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Steve Forbes' Year End Stock Market Prediction is Waaaay Off

Reported by Melanie - January 1, 2008 -

Steve Forbes is the gazillionaire head of the Forbes publishing and media conglomerate which was founded by his grandfather, B.C. Forbes, in 1917. Forbes, who was practically born on the floor of the New York Stock Exchange, is also a former presidential candidate; the co-chair of Rudy Giuliani's presidential campaign, and the star of Fox's Saturday morning "business news" show, Forbes on Fox. He is also a regular guest on Fox's other alleged "business news" show, Your World w/Neil Cavuto. Pretty darn impressive credentials when it comes to knowing the ins and outs of Wall Street.

Yet on August 29, 2007, Forbes predicted -- during an appearance on Your World -- that the market would end the year "far higher than we are today," which was 13,289.29.

Yesterday, December 31, 2007, the Dow closed at 13,264.82, lower than it was on August 29.

Comment: With credentials like Forbes', you'd think (1) that he knows how capricious Wall Street can be, and (2) that he has the wisdom not to make any predictions whatsoever at the very moment the sh*t is hitting the fan over the mortgage crisis. But no. It seems that wishful thinking and/or politics (or who knows what) cause the likes of Steve Forbes to go cross-eyed and a little crazy. All I know is that I wouldn't want Forbes advising me about my money, but obviously Fox News (and Rudy Giuliani) would.