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Taking a potshot at some economists and commentators, Finance Minister Arun Jaitley said they change their views according to the evolving situation, as it happened in the domestic capital market on Monday in the aftermath of the referendum in Greece. Citing another issue, of economists predicting crude oil prices over the past few months, he said in a lighter vein that even "astrology is getting credibility".
"I was watching television last night when the results of the Greece referendum were just coming in. And, I heard one very authoritative commentator on Indian screen mention that Mondays are known to be very bloody as far as the markets are concerned and all kinds of adjectives which were used and tomorrow is going to be a big shock." "Till about noon, this prediction continued and then more sober realty started sinking in and thence watching the situation move the other way, the views immediately changed and so did the analysis," he said.
He was speaking at a release of book, Hubris - Why Economists Failed to Predict the Crisis and How to avoid the Next One by Meghnad Desai here.
