Showing posts with label federal reserve. Show all posts
Showing posts with label federal reserve. Show all posts

05 November, 2010

Don't Panic?

I'm not really sure how much wisdom, as opposed to humor, is embedded in this quote from [guess], but sometimes I think it's quite a lot:
This planet has, or had, a problem, which was this. Most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small, green pieces of paper, which is odd, because on the whole, it wasn't the small, green pieces of paper which were unhappy.

17 December, 2008

Accidental Economic Editorializing

Some opinions are so ingrained in a subculture that that subculture is not even aware that they are not facts, but opinions. There are few if any more certain indicators of being out of touch with the intellectual climate than to not be aware that some visible and accomplished members of the population not only do not share this assumption of facthood, but are actually demonstrating superior situational awareness in contradicting it than are proponents of said opinions in espousing it.

That is the best I can do right now to summarize my thoughts a few hours after watching an astonishing episode of ABC's World News Tonight (12/16/08). The lead report, of course, begins with coverage of the Federal Reserve's historic interest rate action. The opinion-as-fact comes when the report segues to consumer credit:

"But, the economy won't improve until interest rates fall for consumers as well."

But, this is an opinion, not an established fact. Evidence here, here, here and heck, even here.