Choosing Your Own Facts

Daniel Patrick Moynihan told us we’re not entitled to our own facts, but he was wrong. Both politicos and economists, at minimum, are allowed to pick their own facts. And Moynihan was a politician himself.

So consider what Andrew Lo of MIT serves up in his meta-review of 21 books that purport to explain the financial crisis. Among the findings:

Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality. John Maynard Keynes had even greater ambitions for economics when he wrote, “If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid”. Instead, we’re now more likely to be thought of as astrologers, making pronouncements and predictions without any basis in fact or empirical evidence.

I love Lo’s humbleness in the above paragraph. He reminds me of… a dentist.

Now if we could just get the warmers to think of themselves in the same light.

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About Professor Mockumental

I enjoy almost all forms of parody, buffoonery, and general high-jinks. Satire has shown itself to be an essential societal need; I therefore humbly offer my services in such a manner. I enjoy mocking the usual suspects at the New York Times (Charles Blows, Moron Dowd, and the earth is flat guy) and Washington Post (Dana Milkbag, E.D. Dijon, and David Ignoramus). There are many others as well, but sadly, there are always too many targets and too little time.

Posted on March 20, 2012, in Uncategorized and tagged , , . Bookmark the permalink. Leave a comment.

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