Don't Believe Billionaires' Predictions Like Sam Zell

This week, the real estate mogul and billionaire Sam Zell said, “There is a high probability that we are looking at a recession in the next 12 months.” The culprit, he told “Bloomberg Go," was the strong dollar and slowing global trade, the beginnings of layoffs at multinational companies and a general lack of demand. The bears of the blogosphere dutifully repeated the forecast. (To its credit, most of the mainstream media ignored it).