[IWE] Galbraith's OpEd on what should be done about the Bailout.
Carl Forde
iwe@warhead.org.uk
Thu, 25 Sep 2008 10:32:03 -0700
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On Thu, Sep 25, 2008 at 9:28 AM, Ben Tilly <btilly@gmail.com> wrote:
>
> On Thu, Sep 25, 2008 at 4:04 AM, D. Scott Katzer <dskatzer@os2bbs.com>
> wrote:
> > A Bailout We Don't Need:
> >
> >
> http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403033_pf.html
> >
> > I like it.
>
> NPR had a commentator who I think hit the nail on the head. Wall St
> loves the bailout, economists hate it. If the bailout doesn't happen,
> you can expect a DOW below 8000 by the end of next week.
>
Ben & co., you might be interested in this essay on the limitations of
statistical methods. In particular of financial models.
http://www.edge.org/3rd_culture/taleb08/taleb08_index.html
Basically, there are areas where statistical methods aren't useful, yet they
are still applied and the results acted on as if they provided meaningful
and reliable information. The argument is that the financial industry is
built on such models.
Carl
--
Start by doing what's necessary;
then do what's possible;
and suddenly you are doing the impossible.
-- Saint Francis of Assisi
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<div dir="ltr">On Thu, Sep 25, 2008 at 9:28 AM, Ben Tilly <span dir="ltr"><<a href="mailto:btilly@gmail.com">btilly@gmail.com</a>></span> wrote:<br><div class="gmail_quote"><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0pt 0pt 0pt 0.8ex; padding-left: 1ex;">
<br>
On Thu, Sep 25, 2008 at 4:04 AM, D. Scott Katzer <<a href="mailto:dskatzer@os2bbs.com">dskatzer@os2bbs.com</a>> wrote:<br>
> A Bailout We Don't Need:<br>
><br>
> <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403033_pf.html" target="_blank">http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403033_pf.html</a><br>
><br>
> I like it.<br>
<br>
NPR had a commentator who I think hit the nail on the head. Wall St<br>
loves the bailout, economists hate it. If the bailout doesn't happen,<br>
you can expect a DOW below 8000 by the end of next week.<br>
</blockquote></div><br>Ben & co., you might be interested in this essay on the limitations of statistical methods. In particular of financial models. <br><a href="http://www.edge.org/3rd_culture/taleb08/taleb08_index.html">http://www.edge.org/3rd_culture/taleb08/taleb08_index.html</a><br>
<br>Basically, there are areas where statistical methods aren't useful, yet they are still applied and the results acted on as if they provided meaningful and reliable information. The argument is that the financial industry is built on such models.<br>
<br clear="all">Carl<br>-- <br>Start by doing what's necessary;<br>then do what's possible;<br>and suddenly you are doing the impossible.<br>-- Saint Francis of Assisi<br>
</div>
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