by Blue Stockings | The greatest economic crisis in history and where's The Atlantic's free market lovin' econoblogger? First---so inconvenient---she had to recover from an unfortunately timed two-week bout with the flu. Like Brad, we don't want to draw any unkind inferences.
And now, on a weekend when the entire global economy is apparently balancing on the edge of a razor....she's catching up on her reading. Susan of Texas had the same thought we did.
Why do I have the feeling Megan McArdle is feverishly pouring through her old textbooks to find a way to mitigate how Alan Greenspan, Milton Freeman, and Wall Street were so very wrong?
We don't pick on procrustean libertarian analyst Meagan too much because those snarkmeisters at Fire Meagan McArdle and Susan of Texas at The Hunting of the Snark do a bang-up job. We don't hate her for being wrong about everything all the time; we hate her for posturing as an Obama supporter so that she "concern troll" him while getting credit from her commenters for being fair and balanced.
One really does get a picture of McArdle frantically reading Friedman, Galbraith, Krugman,
& others trying to work out where it all went wrong. In lieu of
giving her readers the benefit of her own reflections, she's giving them
a couple of semester's worth of homework. She even advisers her readers to read Mandelbrot! At least that's honest. It's all going to come down to the fault of those "faulty probability models" used by "market wizards."
The FMM writers are....tactful. The commenters? Not so much.
At FMM, Clem says:
Dhalgren says:
As a Lehman soldier who was laid-off in March and is still not fully employed, I am disgusted by part-time pundits like Megan. It's reached the point where I can't care anymore.
Flautus says:
I looked at her posts during the last few weeks, and guess how many deal with our current financial crisis? You know, the one that's been on the front page of every newspaper in the world for the last two weeks? The one involving a run on the global financial system, where banks won't lend, companies can't borrow, and stock markets are plunging worldwide like never before? What does Megan have to say about all this? Answer: Nothing....Econoblogger, my ass.
Susan of Texas says:
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You mean links and quotes aren't enough? She doesn't spoonfeed, you know.
Meagan, everything you thought you thought has been proven wrong because the assumptions created a fundamental lack of balance. We're economorons, not econobloggers, but unfiltered reality always speaks for itself. Back to reading Krugman....
In the face of the biggest economic crisis since the Great Depression, she's got nothin', and she knows it.