walkitout (walkitout) wrote,
walkitout
walkitout

Bloomberg article on the state of the economy, debt-to-GDP, kicking R&R while down, etc.

http://www.bloomberg.com/news/2013-03-22/economists-see-no-crisis-with-u-s-debt-as-economy-gains.html

Just a few short years ago, Reinhart and Rogoff were being quoted everywhere by Very Serious People. I, being a complete sap, bought their book on the kindle and found it unreadable and their methodology so risible that for a while I thought maybe we were all being punked. But no, it's the kind of thing that makes sense if you're Stupid, and believe a database cobbled together out of thousands (<- An Exaggeration) of years worth of "data" and then acting like that is somehow like a modern data series. You _can_ do this, if you are super careful and suspicious and have multiple streams of evidence, none of which they were or had. That's called climate science. Which the people who believed in R&R are almost universally contemptuous of. (<- I do not want to hear about my grammar.)

Since we're collectively recovering from stupid-itis, brought on by a severe case of the willies, itself a result from blunt trauma to our economy, in turn the result of drunken financial shenanigans, R&R aren't necessarily being quoted so favorably everywhere and, more recently, people like Krugman have taken to laughing at them and pointing. Which is totally justified, given what they and their assorted followers have said about Krugman in the past.

But I'm not sure I really expected a piece like this to show up at Bloomberg: essentially, paragraph after paragraph of Wrong Wrong Wrong Wrong You Guys Were So Fucking Wrong and Wow You Should Feel Stupid. Basically, kicking them while unconscious.

It's fun to read. Well, for me anyway. Especially this bit:

"Rogoff declined to comment for this story, and Reinhart didn’t respond to e-mails or telephone requests."

No doubt.

ETA: In only tangentially related commentary, I just learned that the original (?) or at any rate earlier Operation Twist happened under Kennedy. I'm sure everyone else already knew this; I can be a bit slow sometimes.
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