It’s a forecast so out of the mainstream, it’s hard to believe: a U.S. economy in recession next year, triggered by steep downturns abroad. But its author, David Levy, 59, comes from a family of forecasters with a good record of bucking conventional wisdom.
A look at their calls through the decades:
Jerome Levy, grandfather: Anticipated the Great Crash of 1929, sold all his stock and liquidated his wholesale goods business.
Jay Levy, father: Accurately predicted a rapid U.S. economic expansion after World War II when many experts expected another depression.
Leon Levy, uncle: Co-founder of Oppenheimer mutual funds and hedge fund manager who bet against stocks before the dot-com crash in 2000.
David Levy: In late 2005, warned U.S. housing was a bubble set to burst and the country would fall into a deep recession. Two years later, the recession began.