Wonder what it is like for the blogsphere to weigh in on issues of the day? My colleague Lee Adler wrote this classic on the Fed issuing an absurd two faced meu culpa, white wash and misdirection at 6:00 PM on Friday afternoon. Lee then moves to the NY Fed site and writes this zinger, which was quickly censored.
The excuse that most other professional forecasters didn’t foresee it is just that, an excuse. Some professional forecasters did see it. They were derided as Cassandras and dismissed by Wall Street and Fed insiders, who are only beholden to each other, and to their own delusions.Millions of amateur economic forecasters who frequented the financial message boards and blogs saw what was happening and what was coming. They had one important advantage. They live in the real world, not inside the Beltway, not within the marble halls and equally hardened thought processes of the Fed, and not in the ivory towers of academia, a word which sounds like a disease, because it is a disease.
Not only do these environments cause delusional thinking, they attract delusional people. The same is true of policy makers I call it elitist personality disorder. It leads to delusions of grandeur, delusions of omniscience and omnipotence, and the unwillingness to take responsibility for failure and incompetence, instead engaging in blame shifting.
Postscript. Yep, less than a half hour later, they pulled my comment.
This week's Time Magazine cover says alot about the Mininstry of Truth.