Are Social Media experts surplus to requirements in a recession?

Shel’s post and about 200 follow attempts on Twitter from various “Social media experts, Social media ninja’s or Media experts got me thinking.
What really are Social Media experts and who decides they are experts?
Number of followers?
Expert in their field?
Published?
Connected?
Looking at a list by Charlene Li which Jeremiah Owyang mentioned on Twitter I am still unsure [...]