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I'm not claiming a conspiracy, its more a confederacy of dunces staffed by people who have a vested interest in reaching conclusions that affirm the wishes of t
by StanislavPetrov 9y ago
I'm not claiming a conspiracy, its more a confederacy of dunces staffed by people who have a vested interest in reaching conclusions that affirm the wishes of their bosses. Any such system that includes a bunch of very complex algorithms filled with uncertain data and arbitrary variables that can be tweaked by the people crunching the numbers you are going to come out with a garbage result. The FED is literally engaged in voodoo economics. Scarily they even acknowledge this simple fact, but still people take their tea-leaf readings seriously.
https://www.federalreserve.gov/econresdata/feds/2015/files/2015083pap.pdf https://www.federalreserve.gov/econresdata/feds/2015/files/2...
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” - Upton Sinclair
- chiefalchemist 9y agoAgreed. They all have the same incentive. There's no need to full conspire. The insentive is strong enough for most of those involved to act in a conspire-esque sort of way. Emergence, if you will.
- jjoonathan 9y agoDifficult or not, you don't seem to be trying very hard. You didn't address the concrete argument you were presented with.
- lern_too_spel 9y agoThe result doesn't appear to be garbage. The BLS's CPI data is very close to MIT's BPP.