|Economic Truth Decay!|
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"!]