Poor Pearlstein

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By Patrick 

From yesterday’s Post:

    These seem to be some lessons of the 2006 Local Economy Challenge. Meet the person who most accurately predicted how the Washington region would fare last year: Kathleen Walsh Carr, the president of Cardinal Bank Washington. And the least accurate? We’ll get to that in a minute.

    At the other end of the results spectrum was Washington Post business columnist Steven Pearlstein. In his 2006 forecast, he presented a view of rapidly slowing growth. The local economy held up just fine, and Pearlstein ended in last place on our list. He correctly forecast that the housing market would slump. (His prediction of the median home price was almost dead-on.) But he wrongly expected that the slump and a slowdown in government spending would spread through the broader economy.