"Everyone from first time home buyers to Wall Street chief executives made bets they did not fully understand and then spent money as if those bets couldn't go bad."
So basically the people that work in the financial sector don't know any more than I do about the economy? Great...
It isn't so much what they don't know, it's what they know but deny.
I took an economics class as an undergrad, and was shocked when, right after we discussed the negative impacts of price floors and ceilings as pertaining to the law of supply and demand -- complete with diagrams and charts showing how this works -- the professor still concluded that minimum wage was necessary.
Economists are often characterized as wizards of prediction even when their accuracy is exceeded by TV meteorologists.
Note:
All avatars and any images or other media embedded in comments were hosted on the JS-Kit website and have been lost;
references to haloscan comments have been partially automatically remapped, but accuracy is not guaranteed and corrections are solicited.
If you notice any problems with this page or wish to have your home page link updated, please contact John Hardin <jhardin@impsec.org>
JS-Kit/Echo comments for article at http://smallestminority.blogspot.com/2008/01/quote-of-day-for-tomorrow.html (4 comments)
Tentative mapping of comments to original article, corrections solicited.
I read this in the New York times on Tuesday..
"Everyone from first time home buyers to Wall Street chief executives made bets they did not fully understand and then spent money as if those bets couldn't go bad."
So basically the people that work in the financial sector don't know any more than I do about the economy? Great...
"If you lined up all the economist who ever lived...
...they wouldn't reach a conclusion." - Anonymous
It isn't so much what they don't know, it's what they know but deny.
It isn't so much what they don't know, it's what they know but deny.
I took an economics class as an undergrad, and was shocked when, right after we discussed the negative impacts of price floors and ceilings as pertaining to the law of supply and demand -- complete with diagrams and charts showing how this works -- the professor still concluded that minimum wage was necessary.
Economists are often characterized as wizards of prediction even when their accuracy is exceeded by TV meteorologists.
Note: All avatars and any images or other media embedded in comments were hosted on the JS-Kit website and have been lost; references to haloscan comments have been partially automatically remapped, but accuracy is not guaranteed and corrections are solicited.
If you notice any problems with this page or wish to have your home page link updated, please contact John Hardin <jhardin@impsec.org>