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Well, I guess, they indeed are good at making things up. especially when they have the benefit of hindsight.
by kailashbadu 17y ago
Well, I guess, they indeed are good at making things up. especially when they have the benefit of hindsight.
- absconditus 17y agoIf you want an example of how they are bad at this, look at the Great Depression. There is still a great deal of disagreement to this day about its cause and how it was overcome.
- aswanson 17y agoAnd yet this is a field that has a Nobel set aside for it whereas mathematics is treated like a stepchild.
- jswinghammer 17y agoI believe that Nobel's family is quite opposed to this-they believe that the prize's relationship to the Nobel prize is an attempt to elevate economics up to the level of physics or chemistry.
- johnnybgoode 17y agoAt least it isn't a real Nobel.
- Empact 17y ago"Regarding the Great Depression. You're right, we [the FED] did it. We're very sorry. But thanks to you, we won't do it again." — Ben Bernanke, in a speech at Milton Friedman's 90's birthday, 2002 “It's almost worth the Great Depression, to learn how little our big men know.” — Will Rogers
- absconditus 17y ago"We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and now if I am wrong somebody else can have my job. I want to see this country prosper. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration, we have just as much unemployment as when we started. And enormous debt to boot." -- Henry Morgenthau, U.S. Secretary of the Treasury during the administration of Franklin D. Roosevelt