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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: NOW who wrote (106609)1/17/2010 1:25:32 PM
From: mishedlo3 Recommendations  Read Replies (2) of 116555
 
There are many brilliant PHDs worth nothing and many dumb-asses who for whatever reason have a lot of money.

But it is beyond idiotic to think that all these people with money got together an conspired to bring about a depression.

It is clear that Bernanke favors the big banks, it is preposterous to believe he caused a depression on purpose to destroy the middle class and consolidate power in JPMorgan.

Do not confuse the result (a result primarily of "brilliant ignorance") with a conspiracy to produce such a result.

Black and Scholes of LTCM fame were arguably brilliant, yet arguably stupid (ie lacking any common sense). Were they part of the grand conspiracy as well?

What Bush, Bernanke, Black Scholes, and many others have in common, is a lack of common sense. In the case of Bernanke and Black Scholes, both had a ridiculous faith in mathematical formulas.

That lack of common sense does not mean they are otherwise not brilliant (except for Bush who clearly is wealthy, stupid, and lacking in common sense).

Brilliance or stupidity or having a lot of money (or not) certainly does not mean they were involved in the conspiracies you ridiculously allege.

Your thesis is preposterous.

Mish
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