Saturday, August 20, 2016

It's Hard To Be Robustly Humble...

Economic Truth Decay!
John Maynard Keynes, the eminent British economist, said: "If economists could manage to get themselves thought of as humble, competent people, on a level with dentists, that would be splendid!" 

But according to a recent blurb in The Economist, humility is not a growing phenomena among economists, who have come to believe they are superior.  Jokes Deidre McCloskey, an economic historian: "An economist will tell you with all the confidence of a witch doctor that interest rates will rise 56 basis points next month or that dropping agricultural subsidies will increase Swiss national income by 14.8%."
Cock-eyed, "which doctors"?

Kind of reminded me of the remarkable and consistent record of unreliability achieved by our economic pontificators, our "robusterian witch doctors" over on Duke Street, Alexandria. A well-signaled malpractice in any other profession - even at the novice or amateur level.

Makes one think that in terms of economic foresight and quantitative analysis the NCUA is...  

... a sheep at the wheel!!!

[But NCUA is well known for its "sensitivity"!]


Anonymous said...

Pay no attention to the MASS problem over there.
We robusterian S want you focused on the massive IRR "S" problem over here. We are going up in rates and MASSively so get your house in order.
The 10 year US Treasury is going to go up...MASSively and SOON!

We have heard that for 7 years.

Meanwhile, millionaires Familant and Kaufman have loaded up thur balance sheets (and then sold hundreds of millions to quorum and others in a credit union collaboration of epic CCU proportion). Progressively melrose an their way to medallion loan dominance!

Yes, the Medallion Assessment Shi- Storm is coming our way!
Don't forget to "S"trap down your CAMEL!
Because YOU, not CUNA, not Nafcu,, not NCUA are going to pay for it.

Anonymous said...

Midnight at the oasis, lay your CAMELS to rest.
A sheep at the switch.
Texting while driving.
NCUA robustly IGNORING the medallion loan debacle while cooperative millionaires load up the movement on risk.
Better get Nafcu to write another letter.
Or, better yet, maybe humple (camel in a former life) can author another drug induced Fantasia like "white paper" that says fraud is a bigger problem than medallions like he said about legacy CCU assets.
If we are all about the member, maybe we don't pay trade and examination dues so our members don't bear the brunt of the assessments on medallions.
Who is ncua's boss?