One of the books on my daughters' summer reading program is The Wisdom of Crowds. Both Janine and I greatly enjoyed the book. It explores how often large groups of people can make better decisions than the "experts." It also explains why sometimes large groups will make poor decisions, like with a mob.
It was with sadness that I read Poll: Americans Say Bad Economy Will Linger. (The survey matches a situation where a large group often makes a better decision.) A quarter of those surveyed said they thought the current recession would last another two years. And half believed the recession would continue more than two years. So three fourths see the recession going on for at least two more years.
As you are making economic plans, you may want to consider that the economy will probably be down for a long time.
(Hat tip: Instapundit)
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