'No One Is to Blame for Anything"

[midcan5]

What can one call the modern rationalization that all that is wrong (anywhere and on any topic) is someone else's fault. I can see me now telling my father Michael was the one that got the booze, followed by a good pummeling for coming home in a state unbecoming of a teenager.

I am placing this in Economy but maybe it requires a new thread topic: The Modern World.

By Frank Rich

"....In his [Greenspan] rewriting of history, his clout in Washington was so slight that he was ineffectual at “influencing the Congress.” The “roots” of the crisis, he lectured, dated back to the fall of the Berlin Wall in 1989. In other words: Wherever the buck stops, you had better believe it’s not within several thousand miles of the Oracle. As he has previously said in defending his inability to spot the colossal bubble, “Everybody missed it — academia, the Federal Reserve, all regulators.”

That, of course, is not true. In last Sunday’s Times, one of those who predicted the bubble’s burst — Michael Burry, an investor chronicled in “The Big Short” by Michael Lewis — told in detail of how Greenspan and others in power “either willfully or ignorantly aided and abetted” the reckless boom and the ensuing bust. But Greenspan is nothing if not a representative leader of his time. We live in a culture where accountability and responsibility are forgotten values. When “mistakes are made” they are always made by someone else."

Op-Ed Columnist - No One Is to Blame for Anything - NYTimes.com

 

[Neubarth]

Gross stupidity! I wish these stupid people who write nonsense articles like the one above were put to a subject IQ test before their articles could be published. Otherwise they could have a Retarded Writer Board for the lunatics who do not know what the FED can co and can not do. I have seen this kind of nonsense before. The writer just makes up stuff that he pretends the FED can do and then attacks the FED based upon his suppositions that are totally false.

 

[midcan5]

Gross stupidity! I wish these stupid people who write nonsense articles like the one above were put to a subject IQ test before their articles could be published. Otherwise they could have a Retarded Writer Board for the lunatics who do not know what the FED can co and can not do. I have seen this kind of nonsense before. The writer just makes up stuff that he pretends the FED can do and then attacks the FED based upon his suppositions that are totally false.

Huh? I think you must read from some perspective that is alien from me to start with. Nothing he writes is made up. Greenspan admitted as much in his writings. And the other examples are relevant as well. I remember the Internet bubbles and conversations about how this can't last and guess what. Mistakes were made by many during the real estate bubble, doesn't excuse anyone just because their mistake was one of many. All that money chasing money is never a good thing.

Philip Tetlock on expert predictions on the economy - Feb. 18, 2009

'Americans were shocked at how wrong the experts were. You weren't. Why not?'

"My research certainly prepared me for widespread forecasting failures. We found that our experts' predictions barely beat random guesses - the statistical equivalent of a dart-throwing chimp - and proved no better than predictions of reasonably well-read nonexperts. Ironically, the more famous the expert, the less accurate his or her predictions tended to be."

 

[Neubarth]

Gross stupidity! I wish these stupid people who write nonsense articles like the one above were put to a subject IQ test before their articles could be published. Otherwise they could have a Retarded Writer Board for the lunatics who do not know what the FED can co and can not do. I have seen this kind of nonsense before. The writer just makes up stuff that he pretends the FED can do and then attacks the FED based upon his suppositions that are totally false.

Huh? I think you must read from some perspective that is alien from me to start with. Nothing he writes is made up. Greenspan admitted as much in his writings. And the other examples are relevant as well. I remember the Internet bubbles and conversations about how this can't last and guess what. Mistakes were made by many during the real estate bubble, doesn't excuse anyone just because their mistake was one of many. All that money chasing money is never a good thing.

Philip Tetlock on expert predictions on the economy - Feb. 18, 2009

'Americans were shocked at how wrong the experts were. You weren't. Why not?'

"My research certainly prepared me for widespread forecasting failures. We found that our experts' predictions barely beat random guesses - the statistical equivalent of a dart-throwing chimp - and proved no better than predictions of reasonably well-read nonexperts. Ironically, the more famous the expert, the less accurate his or her predictions tended to be."

OK, if you believe this crap, give us a six or seven point program that Greenspan should have conducted to prevent this present horrific Depression.