Desperately seeking an informed financial community

February 4, 2012 in Economics,Finance

A sweeping tip of the hat to Barry Ritholtz's guest blogger SilverOz, who was willing to call out the mad (tinfoil) hatters at Zero Hedge on their usual nonsense (emphasis mine):

So Rick/Zero Hedge, unless you would like to argue that the population of the United States also grew by 1.5 million in one month (since that is from the exact same report/revision you quoted), I think both of you should retract your extremely misleading statements about those not in the labor force increasing by over a million in January and simply admit that you are either too stupid or too focused on selling a particular world view to read the data correctly.

Longtime TGR readers will remember that we were willing to burst the ZH bubble well before it was the cool thing to do. If there's one thing I can't stand, it's people who claim to have the ability to tell when others are "lying with statistics," but then turn around and do exactly the same.

The most frightening thing about these reports -- both the initial article and this response -- is how vehemently readers are responding in the comments. It is clear that few of them have any real understanding of the issues, let alone the content of the articles. It terrifies me that articles which are purported to educate are in fact doing exactly the opposite: reinforcing prejudiced, uninformed worldviews and encouraging people not to seek answers themselves, but to rely on unverified secondary sources.

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