Wednesday, September 03, 2008
This was up at Barry's Big Picture blog earlier today. It is well worth four minutes of anyone's time to better understand the current market environment.
The money quote by Santelli, directed toward CNBC's "Senior Economics Reporter" Steve Liesman appears about three minutes in, "The reality of making money is different than what you write in a textbook".
This is an all too common problem for economists and those pretending to be economists (i.e., the important differences between the real world and textbooks/models), which inadvertently begs the question, "Could there be anything worse than pretending to be an economist?"