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The Stock Market Roller Coaster
The Onion link is broken. Please provide the links to those who you claim have proven the Invisible Hand. I've been waiting for this for days now.— January 9, 2012 6:11 a.m.
The Stock Market Roller Coaster
I'll read it, Twister...give me a few days. Thanks for the link, my old friend.— January 9, 2012 6:06 a.m.
The Stock Market Roller Coaster
Godwin's Law has been invoked: http://en.wikipedia.org/wiki/Godwin%27s_law Jeff is now resorting to redutio ad hitlerum...what a dimwit. (BTW: Summer of 2008, I worked at the desk next to Mike Godwin at WikiMedia HQ.)— January 9, 2012 5:58 a.m.
The Stock Market Roller Coaster
Jeff has posted online links to a number of very enlightening texts, including some attributed to Epictetus which I had not read before. I appreciate that. See, Refried, I'm interested in the validity of ideas and don't exclude an idea from a person I may not personally like...and similarly, some people I like very much personally say some ridiculous things I cannot agree with. If you writing something intelligent, defensible, and backed up by evidence I'll give you the respect you're due. When you write something incoherent, indefensible, and devoid of evidence, I'll give you the disrespect you're due.— January 8, 2012 11:35 p.m.
The Stock Market Roller Coaster
Weimar comes to mind...inflate the currency to avoid paying off unsustainable debt, flood the economy with worthless paper, and watch the tragically inevitable result. Jeff posted a very interesting study of the Weimar Republic's financial mishaps. I highly recommend it.— January 8, 2012 10:22 p.m.
The Stock Market Roller Coaster
Interesting...on one hand we've got Don Bauder, respected financial journalist with more than four decades experience saying I'm describing Smith's views accurately, and on the other we've got Refried (no known qualifications) saying I've got no clue what I'm talking about. Hmmm...what a contrast.— January 8, 2012 10:19 p.m.
The Stock Market Roller Coaster
Don...I think what Smith was getting at was that SOMETIMES greedy actions produce unexpectedly positive outcomes. ...just as sometimes the best intentions and purest motives can create extremely negative outcomes. (Fannie and Freddie's perverse incentives in the housing market are perhaps an example, as noted by Refried.) But the point we both agree on is that common sense and experience tells us that evil acts are far more likely to result in evil outcomes, and vice versa. So depending on unexpected outcomes to right wrongs is foolish. The financial press, economists, and politicians have been peddling this notion that the Invisible Hand makes everything A-Okay and excuses immoral cheats and lies, turning the despicable into the admirable, and absolving bad actors from all blame.— January 8, 2012 7:03 p.m.
The Stock Market Roller Coaster
Nan, the reason I asked if Refried was drinking while writing is that his prose is sometimes incoherent...like something written while under the influence. I honestly cannot unravel what point he's allegedly making...Christmas bonuses prove the existence of the "Invisible Hand", or apple farmers are a metaphor for the trickle down theory, or...really, I don't know. Maybe you can explain to me what he's getting at. I've re-read his posts and still can't discern what evidence he's proposing to back up his assertion that the Invisible Hand converts selfish acts into public good. Wanna give it a try?— January 8, 2012 6:55 p.m.
The Stock Market Roller Coaster
Still waiting for anyone who can provide an argument supporting the existence of this faith-based notion of an "Invisible Hand" that doesn't rest on a (thoroughly debunked) misinterpretation of Adam Smith.— January 8, 2012 6:49 p.m.
The Stock Market Roller Coaster
Right. So when Taleb lays out his case, in considerable detail with plenty of evidence, Jeff can just wave it away with a contemptuous "That's not what I was taught." That's a great strategy for remaining ignorant, not really something to be proud of. The reason I admire Taleb is precisely that he challenges assumptions, accepted wisdom, and the prevailing mindset. Searching for understanding is not a popularity contest, you know.— January 8, 2012 6:46 p.m.