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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: NOW who wrote (96782)4/21/2009 6:52:05 PM
From: koan  Read Replies (1) of 116555
 
Pre script: What has changed? I wrote this to Hawkmoon.

To: Hawkmoon who wrote (96778) 4/21/2009 6:42:21 PM
From: koan of 96787

"We also have to remember the the credo: "Those who can, do.. Those who can't, teach"..>>

That is just an old myth. My son in law is a research scientist. Global warming in fact-PHD in atmospheric chemisty from UC Irving. He is in Vienna right now giving a paper on how formaldahyde is formed in the atmoshpher.

He can do anything, but he is a scientist. Scientis and great thinkers are just primarily curious. The great academics, like say Plato, or my son in law, or Einstein, simply do not care much about money. Learning is where their interest lies. And no one works harder than scientists. I never cared much about money myself.

Einstein was writing equations on his death bed.

I have spent as much time "doing" as anyone, I would guess. I wrote three state plans and implemented all of them; and a long time in academia.

Here is the thesis: Once a person has a trained mind they can do pretty much anything. The folks on wall street are primarily kirby vacuum cleaner salesmen with much less education than academics and minds much less trained and they are money hungry.

So with academics you get several things you do not get on Wall street:

A Acaemics usually will speak truth to power.

1) better trained minds

2) they do not care that much about money

3) and the scientific method requires absolute honesty for true results. In fact scientists even go so far as using double blind studies they are so fearful of their findings not being correct.

So they will speak truth to power, which is the primary reason politicians do not use them. It was why Krugman was not appointed by clinton. And probably why both Krugman, stglitz and Galbraith have not been used by Obama.

Bush not only would not let academics in the house, he had people rewrite their findings.

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