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View Diary: Breaking: BLS, Fed, BEA, et al "Overstate Strength of Economy" (289 comments)

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  •  You should look at the basket (4+ / 0-)

    of goods used to determine the consumer Price Index. Economists are fond of "substitution," as a way to keep their jerry-rigged theories (about the equilibrium of the system) chugging along rather than do any kind of complex analysis as to why "substitution," occurs.

    The stats they collect are overwhelmingly positive and the theories are overwhelmingly based on what could be called 19th century systems theory (like classical thermodynamics, minus the entropy). Sometimes I think Larry Summers realizes this, given his academic and financial history, and basically has told Obama that doing too much may be as meaningless as doing too little. Look at the failure of the mortgage work-outs that people aren't getting. Basically the government is paying good money to throw sand in the gears of the system rather than fundamentally alter the system, in the fear that that alteration could lead to an event like a dislocation in the bond-market (ie a sell off in US Treasuries akin to what happened with Lehman stock). The fact is that the American people don't own America.

    It's interesting reading people's comments about how the economy is the management of perceptions. To me, this is the real truth, because as long as our leaders are doing all that they can to save shitty jobs for us, there is no reason for people to discard the atomized, alienated nature of suburban consumer fantasia and return to a more 'natural' form of economic cooperation, one that emphasizes the construction and empowerment of the community as well as the individual.

    In every cry of every man, In every infant's cry of fear, In every voice, in every ban, The mind-forged manacles I hear

    by Areopagitica on Mon Nov 09, 2009 at 07:29:31 AM PST

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    •  Blue lights flashing, (0+ / 0-)

      Grammar Police. Pull that comment over, sir.

      Sorry, but the correct spelling of Y'all (see Brooke in Seattle, above) got me going.

      The term is jury-rigged, not jerry-rigged. I can attest that if you need to fix a sail underway, you jury-rig it.

      I think it's become conflated with jerry-mandered, which is a Massachusetts-origin term meaning to fiddle with the outlines of voting districts to achieve certain outcomes, much as many of our congressional districts have been fiddled in recent years.

      Thank you. Please resume your regular programming.

      If men could get pregnant, abortion would be a sacrament.--A Boston cabbie, to Gloria Steinem, in the 1970s

      by Mnemosyne on Mon Nov 09, 2009 at 06:15:41 PM PST

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