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      06-18-2011, 12:23 AM   #113

Drives: I miss my E12
Join Date: Nov 2010
Location: NY

iTrader: (0)

Accountable for being wrong. All anybody has to say is "I (ahem...we) missed a hole you could have routed a cruise ship through because my eyes were off the ball."

My opinion here is that a catastrophic error was made at the worst possible time, across the entire profession of economics. This means that there's something very wrong with a significant percentage of the profession's participants. I'm not saying that everybody should be perfect, nor am I attempting to hold the profession to unreasonable standards.

To address another point, I alluded to the fact that some people (such as Roubini) turned out to be right under illogical thought processes (OK, I actually said that a broken clock is right twice a day - perhaps I was a bit tough on him by insinuating he has no thought processes at all).

Further, I'm not advocating for fines or penalties or anything. All anybody has to do is admit that they were wrong about the largest magnitude economic CF that has occurred in recent times. It's one thing to miss a bear market - it's quite another to miss 2008. If people didn't want to give advice, then what is the point of becoming an economist? One cannot go into a profession like this, screw up, and then turn around and say "it was your fault for listening to me."

The failure of this profession to man up makes a clear, albeit unfortunate, statement on its own efficacy.

As far as the Anonymous thing goes, was a revolution supposed to start or something?