The problem is that these people (and others) don't know enough to realize their economic predictions are worthless. There is truth to the old saw, "Economists are good at predicting recessions. They've predicted eight of the last three. . . "

In many cases the prognosticators are fully aware that their predictions are worthless but persist in the facade to build up a reputation. It takes only a few lucky coincidences to get set up for life. People love to hear bold predictions.