Seeking Alpha has done us the service of plotting the GDP estimates for 2008 provided by 63 economists surveyed by Bloomberg. The unanimity is appalling and to me indicates systematic bias.

As one can clearly see, only two are forecasting a recession and a brief, mild one at that. A new Los Angeles Times/Bloomberg poll found that 71% of Americans now believe that a recession is likely. All I can say is let’s review this chart this time next year and see whether the economists are smarter than the man in the street. I’m with the man in the street (surprise!). I don’t know who the surveyed shills economists are; I do know that Paul Kasriel and Nouriel Roubini are both expecting a recession.