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« Bailout for Homeowners and Lenders? | Main | Important News on the Housing Bill »

May 18, 2008



So what are the fields with experts?



I recently came to the same conclusion about journalists. Any time they attempt analysis in a field that you are an expert in, it is so clear how poorly they understand the issues. Usually, a misleading, if not factually incorrect, article is the product of their work. I've stopped reading newspapers altogether and don't get me started on tv news.

I've realized that anyone who is not an expert on a topic has very little to offer me.



Shrek - Nice to hear from you again! There certainly are some problems. But think about this. The "old style" Fed would have had only one blunt instrument to address them. The Bernanke Fed has been pretty creative.

I think they deserve a little more time to see how it plays out. It is not as if they could choke off high gas prices with higher interest rates.

Thanks again,



SI - Your comment about recognizing expertise is very interesting. You might want to check out a piece I did last year -- one of my personal favorites -- called The Three Amigos.

Thanks for your comments.



This pair of articles is a prime example of why I stopped reading the NYT several years back - it is written by the ignorant for the ignorant. It has very high standards of journalism but when it comes to technical matters, very high standards of IGNORANT journalism!

I probably know more than 99% of the general public in 2 different areas - computing and finance, and the main stream media coverage of each is so pathetic that I realized that I should only read what is written BY EXPERTS, but only in their own FIELDS OF EXPERTISE.


The Fed are not monetizing bad debts - they are just providing liquidity.

Bear Stearns made bad debts and went bankrupt with JPMorgan picking them up for pennies on the dollar. (Stock holders got 10 or 15 c to the dollar.)

Countrywide made bad debts and B of A bought them for cheap. Some other hedge funds etc failed.

What the fed did was prevent this from becoming an all out disaster.


"The Fed mission is to address the twin goals of economic growth and price stability, while assuring stability in financial markets."

How can anyone conclude that the fed has fostered anything close to price stability in the last five years? The dollar has been murdered, housing went into a super bubble, and gas is now over 4 dollars.

The fed is the most overrated institution ever. Now they are monetizing bad debts!

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