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Crandall as Most Accurate Forecaster Says This Too Shall Pass

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In 1980, the U.S. economy was in the middle of a severe downturn, and jobs weren’t easy to find. So Lou Crandall, after earning a bachelor’s degree with a focus on economics from Cornell University, scattered resumes far and wide. One went to an employment agency looking for bilingual workers. Crandall had spent five years of his boyhood in Italy, where his father taught in an American school, and was fluent in Italian, Bloomberg Markets magazine reports in its January issue.

As it happened, the head of the employment agency was married to an economist at the Federal Reserve Bank of New York, and he was looking for a research assistant.