Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Oblomov who wrote (30521)	10/24/2000 4:46:59 AM
From: Ken98	Read Replies (2) of 436258

Well, it's a heck of a way to run monetary policy is all I can say. At what point does it become too cute by two? And you are correct in pointing out the error (just one of many) in the BLS logic - most service industry and high-tech employees are salaried not hourly, and to equate them to supervisors is not appropriate. Why aren't more academics more critical of these fallacies? It seems that most academics have a blind spot in their analysis in that they assume (don't the academics teach the dangers of doing this) that the gov't reports are not subject to political manipulation. I have never heard an academic question the veracity of a gov't economic statistic. I do believe that the Fed gave the BLS the green light to goose the GDP number (and hence the productivity number) by changing the calculations regarding software accounting and banking profits. Easy Al gave a couple of speeches on the topic prior to the BLS adopting the changes if I recall. Thus, the most recent episodes of Clownspeak on this topic are likely a prelude to another productivity enhancing adjustment from the BLS.

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