Where’s the imminent recession we were promised a year ago?

Nowhere apparently, but hardly anyone has come forward to admit they were wrong. And that includes Wall Street gurus.

Last June the finance world was abuzz with pledges that the U.S. economy was barely a hare’s whisker away from diving into a recession. Back then, I wrote a column for Time magazine which clearly showed that there were no signs of an imminent recession.

There are still few signs that the economy will contract in the few weeks ahead. In fact the opposite seems true. Consider the following:

Sure, there are some indications of weakness in the housing market, largely caused by soaring borrowing costs and lack of available credit from the banks.

The tech sector is also going through some tumult, but its the first major downsizing in two decades. That’s something that periodically needs to happen in an industry that requires an ongoing cycle of innovation, disruption and destruction.

Other than that things seem dandy on the economic front and have done in the 12 months since financial blabbermouths promised us an imminent recession.

So here’s a question:” Why won’t self-styled Wall Street gurus ‘fess up and say thye were wrong. Not partially wrong, but really truly wrong.