At the beginning of every year, Wall Street experts predict how it will end.
But is Wall Street smarter than Main Street? Last year we got predictions from a Wall Street economist and from random people at the post office. Let's see who got it right.
Let's start with the stock market: Here's what both Wall Street and Main Street predicted for last year.
"We expect the market to be up about 12 percent this year."
"I believe there's going to be a slight correction. I would anticipate about 10%."
Wall Street easily won. The market had a good year: it was up about 12%
Now, let's move on to oil. Here's what our expect predicted for 2010:
"We expect oil prices to be trending upward a little bit this year. Probably to around 80 dollars by the end of the year."
"It's going up. It's going to be about $85 to $90 a barrel."
Main street was closer. Oil's closer to $90 a barrel than 80. Now ... housing prices.
"Early 2010 I think you'll see weak home prices continuing to come down a bit, but then turning around and starting to rise."
I think it's gonna go down. It should go down at least 10 more percent because there's no work.
Depending on how you measure it, home prices nationwide declined about from 1 - 5% last year. The man on the street was closer.
So, when it comes to 2010, people on this street were smarter than people on Wall Street. But, what about 2011? Predictions for this year in my next report. In the meantime, if you want more information, you know where to find it... MoneyTalksNews.com.