Monday, March 24, 2008

Flagged by Barry Ritholtz

Barry Ritholtz in his excellent blog "The Big Picture" posts following question in his latest post: Investing in a Post-Fact Society (a/k/a, Were the Good Times a Mirage?)

Are we stuck with these fantasists? Has
Truthiness replaced Truth? Are we going to be saddled forever with these damaging, hallucinatory hacks?

I replied, unfortunately my comment was blocked from publishing. Barry does not like my input. How sad is that?

My comment:
This is an excellent question. I think the answer is 'yes' we are stuck with truthiness for quite a while, as long as the stakes in this poker game are so high (JPM 91T USD in counterparty risks, that is almoust 2x world GDP). Its time for regulating Wall Street pundits and Washington hacks and put on the breaks to change course.

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