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>— an economy that the professionals say is doing pretty well The so-called "professionals" are simply useless, and guess what...people are figuring that out t

>— an economy that the professionals say is doing pretty well The so-called "professionals" are simply useless, and guess what...people are figuring that out too.

Mountain_Skies 3y ago
Wonder if they're the same professionals whose numbers keep getting quietly revised in a worse direction a few months after the initial rosy numbers are released.
ozim 3y ago
There is a lot of BS in finance, but throwing blanket statements is something I don’t like. Just like the fact that I can go to grocery store and get dozens variations of food is because of “professionals”. Financial services help build up farmers sustainability and help new companies build supply chains. Lots of nice things we can enjoy in first world countries would not happen if there would not be people making sure that money can move around.
- ithkuil 3y ago
  This sentiment taps in a generic meme that has infected society of late. Starting from the fact that many professionals made many mistakes over time, the meme trips you into concluding that if there were no people in that category of "professionals" , then these mistakes wouldn't be made and somehow society would just work "correctly" if it wasn't for those pesky "professionals". This meme builds on a time-honored meme that comes in vary forms such as "a member of that other ethnic group committed this crime; if we only got rid of all members of that ethnic group then those crimes wouldn't happen"
  - tanseydavid 3y ago
    IMHO you're overthinking it. It is as simple as a mismatch in situational awareness. An expert considering the macro side of an economy with 330 million people in it cannot meaningfully tell any one individual that things are good/ok if that individual's situation is growing noticeably worse with the same earnings. No memes are required.
    - ithkuil 3y ago
      That explains why there is a perception that experts are disconnected from the reality. But that doesn't explain how people can think they can just trash all expertise and think the good parts of the world will keep working just fine.
- TheOtherHobbes 3y ago
  There are plenty of people in the US who can't afford to go to the grocery store at all. https://gitnux.org/food-bank-statistics/ https://gitnux.org/food-bank-statistics/
Ekaros 3y ago
Or has the economy come to mean that most of stock market is going up... And as long as that continues everything is great and it really should be only goal of any policy...
- TheOtherHobbes 3y ago
  I find it informative and revealing to replace "the economy" with "what rich people want." Because that's pretty much what it means in practice.
- gmerc 3y ago
  and while tech was a growth industry nobody cared. For most blue collar workers “the economy is red hot” during the tech booms also sounded like bullshit. Echo chamber.
graemep 3y ago
The problem is a matter of point of view. What constitutes the economy "doing well" is subjective. If you are looking at a measure like GDP it includes a number of things such as wages and profits. If wages fall but businesses increase profits by more the economy is "doing well" on that metric. There has been a recent example of that in the UK, where a number of politicians and professionals (central bankers, economists) have said an important objective is to reduce wage inflation. If you are someone who is paid wages (especially if you real terms wages have been reduced by price inflation) you are quite likely not think this is a desirable objective.
- tonyedgecombe 3y ago
  >There has been a recent example of that in the UK, where a number of politicians and professionals (central bankers, economists) have said an important objective is to reduce wage inflation. The objective isn't to reduce wage inflation, it's to reduce general inflation. Restraining wages is one way of doing that.
  - graemep 3y ago
    Yes, but my point is that, even assuming agreement on the objective of reducing inflation, there will still be disagreement on whether whether reducing wage inflation is the right way to do it depending on what your other objectives are.
    - tonyedgecombe 3y ago
      Which is different from implying they want to do it just for the lolz.
peteradio 3y ago
Kind of have to agree here. Useless professionals/administrators are a double dip on inflation - they collect large paychecks, contribute nothing but makework for others.

>— an economy that the professionals say is doing pretty well The so-called "professionals" are simply useless, and guess what...people are figuring that out too.

Mountain_Skies 3y ago

Wonder if they're the same professionals whose numbers keep getting quietly revised in a worse direction a few months after the initial rosy numbers are released.

ozim 3y ago

There is a lot of BS in finance, but throwing blanket statements is something I don’t like. Just like the fact that I can go to grocery store and get dozens variations of food is because of “professionals”. Financial services help build up farmers sustainability and help new companies build supply chains. Lots of nice things we can enjoy in first world countries would not happen if there would not be people making sure that money can move around.

ithkuil 3y ago
This sentiment taps in a generic meme that has infected society of late. Starting from the fact that many professionals made many mistakes over time, the meme trips you into concluding that if there were no people in that category of "professionals" , then these mistakes wouldn't be made and somehow society would just work "correctly" if it wasn't for those pesky "professionals". This meme builds on a time-honored meme that comes in vary forms such as "a member of that other ethnic group committed this crime; if we only got rid of all members of that ethnic group then those crimes wouldn't happen"
- tanseydavid 3y ago
  IMHO you're overthinking it. It is as simple as a mismatch in situational awareness. An expert considering the macro side of an economy with 330 million people in it cannot meaningfully tell any one individual that things are good/ok if that individual's situation is growing noticeably worse with the same earnings. No memes are required.
  - ithkuil 3y ago
    That explains why there is a perception that experts are disconnected from the reality. But that doesn't explain how people can think they can just trash all expertise and think the good parts of the world will keep working just fine.
TheOtherHobbes 3y ago
There are plenty of people in the US who can't afford to go to the grocery store at all. https://gitnux.org/food-bank-statistics/ https://gitnux.org/food-bank-statistics/

Ekaros 3y ago

Or has the economy come to mean that most of stock market is going up... And as long as that continues everything is great and it really should be only goal of any policy...

TheOtherHobbes 3y ago
I find it informative and revealing to replace "the economy" with "what rich people want." Because that's pretty much what it means in practice.
gmerc 3y ago
and while tech was a growth industry nobody cared. For most blue collar workers “the economy is red hot” during the tech booms also sounded like bullshit. Echo chamber.

graemep 3y ago

The problem is a matter of point of view. What constitutes the economy "doing well" is subjective. If you are looking at a measure like GDP it includes a number of things such as wages and profits. If wages fall but businesses increase profits by more the economy is "doing well" on that metric. There has been a recent example of that in the UK, where a number of politicians and professionals (central bankers, economists) have said an important objective is to reduce wage inflation. If you are someone who is paid wages (especially if you real terms wages have been reduced by price inflation) you are quite likely not think this is a desirable objective.

tonyedgecombe 3y ago
>There has been a recent example of that in the UK, where a number of politicians and professionals (central bankers, economists) have said an important objective is to reduce wage inflation. The objective isn't to reduce wage inflation, it's to reduce general inflation. Restraining wages is one way of doing that.
- graemep 3y ago
  Yes, but my point is that, even assuming agreement on the objective of reducing inflation, there will still be disagreement on whether whether reducing wage inflation is the right way to do it depending on what your other objectives are.
  - tonyedgecombe 3y ago
    Which is different from implying they want to do it just for the lolz.

peteradio 3y ago

Kind of have to agree here. Useless professionals/administrators are a double dip on inflation - they collect large paychecks, contribute nothing but makework for others.