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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (555737)	3/17/2010 9:11:53 PM
From: TimF	3 Recommendations Respond to of 1578143

you've read very little of them I read all four of them, and responded to them. I didn't do a break down of every single point raised in every part of all four links, but I responded to the major points, and read every single word in two of the links, and most of the other non PDF link (and I skimmed through the PDF as well). You on the other hand, directly asked me for specific posts, and then when I spend the time to find them for you, you ignore them, at least in terms of what you post. If your not going to pay any attention to the links, why request them?

To: J_F_Shepard who wrote (555737)	3/17/2010 10:18:17 PM
From: jlallen	3 Recommendations Read Replies (1) \| Respond to of 1578143

A Confession from the CBO Director Posted by Daniel J. Mitchell The Congressional Budget Office recently estimated that the so-called stimulus generated jobs and growth. I addressed some of the profound shortcomings in CBO’s Keynesian model in a previous post, pointing out that the model is structured to produce certain results regardless of what happens in the real world. Interestingly, the Director of the CBO, Doug Elmendorf, basically agrees with me. In a recent speech, recorded by C-SPAN, he was asked during the question-and-answer session whether the model simply spits out pre-determined numbers. After some hemming and hawing and a follow-up question, he confessed “that’s right” when asked if the model would be unable to detect whether the stimulus failed. The relevant exchange begins around the he 39-minute mark of this recording, and Elmendorf’s confession takes place shortly after the 40-minute mark (I selflessly watched the entire thing so you wouldn’t have to suffer waiting for the key moment). I’m not sure whether this admission is good news or bad news. It is a sign of progress, I suppose, that CBO’s Director is now on the record acknowledging that the model is useless (at least for purposes of measuring the effectiveness of more government spending). But it is perhaps an even more troubling indication of what’s wrong in Washington that nobody is concluding that the time has come to junk Keynesian analysis. This is either an updated version of The Emperor’s New Clothes or a perverse form of the joke about the drunk looking for his keys under the streetlight because there’s light, even though he lost them someplace else. cato-at-liberty.org