Sunday, April 17, 2005

'The Infinite Collective Insights That Comprise The Marketplace'

Via Mark Thoma, Brad Delong et al. comes the pointer to the latest amateurish hackjob at the NRO:

Unless Volcker possesses more wisdom than the infinite collective insights that comprise the marketplace, he’s got things backward.
Finally, someone confessed up that it's The Golden Calf of Infinite Supply-Side Wisdom that the NRO crowd worships. Fools, haven't they seen 'Dogma'? Or read the Book of Capital Exodus? (which I for your convenience quote below ):
1. And when the NRO supply-siders saw that Volcker talked of “disturbing trends, huge imbalances, disequilibria, [and] risks” ( Book of WaPo, Page B07) they gathered themselves together unto Luskin, and said unto him, "Up, make us markets, which shall be most useful for discounting the future;

2. For as for this Volcker guy, the man that brought us out of the Land of Inflation in the early 1980s with standard Keynesian and monetarist theory, his crazy talk makes us now feel fuzzy inside."

3. And Luskin said unto them, Break off thy savings, which are in the Social Security of your wives, of your sons, and of your daughters, and bring them unto Trend Macrolytics.

4. And all the people brake off their live savings in the hope of 'achieving superior performance' and creating wealth, and brought them unto The Don.

5. And he received them at their hand, and managed them with a “supply-side” approach that has demonstrated superior predictive value

6. And its major tools are depth commentary and real-time analysis from principals Luskin and Gitlitz (not to be deemed to be recommendations for buying or selling specific securities or to constitute personalized investment advice),

7. For as for these so called 'traditional economists', they are concerned primarily with backward-looking statistical aggregates that have little market relevance by the time they are published.

8. After he had made their savings into the Golden Calf they said, 'These be thy marketplaces, O Israel, which possess wisdom of "infinite collective insights that comprise them".'

9. And when Luskin saw it, he built an altar before it; and Don Luskin made a proclamation, and said, To morrow is a feast to the Supply-Side Calf.

10. And they rose up early on the morrow, and offered briefing papers, and brought talking points; and the NRO writers sat down to write Op-Eds and commentary,

11. And they wrote to expose and debunk the liberal bias of America's most dangerous leftist 'economists': Krugman, Stiglitz and Volcker,

12. And their bogus 'papers', credentials and Nobel prizes.

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