Tuesday, August 23, 2005

Left-wing Blogging Economists

I'm posting this here because I promised fellow A9 blogger that I'd leave up the announcement to his new blog for the remainder of the week. If you haven't visited, and the world of distressed finance is of interest to you, check out the Vulture's Corner when you get a chance.

Now, for the topic du jour. Many of you know my past disagreements with bloggers from dKos. This time, I have just had it. The utter absurdity of the commentary out there right now is mind-boggling. I'm talking specifically about the dKos "economists" Stirling Newberry and Hale Stewart (aka "Bonddad").

I can't even give a long post here, the examples are too numerous, too laughable, and ultimately too pathetic. Here though is a link to one of Stirling Newberry's latest posts entitled "BOHICa" (Bend Over, Here Comes Inflation, again).

The whole post is quite long, and any economist will note a certain lack of one thing and a certain prevalence of another: statistics and words, respectively. Stirling, a musician by trade, appears to be of the school that if you don't quote it, you don't need to know it. But when you write about inflation, you need to know the numbers that are important. And one big number, core CPI (CPI ex energy, food), barely rose a 0.1% last week (tending towards a picture of inflation containment). Another big number, consumer sentiment, was at its highest point last week (ABC/Wash Post). This all inspite of significant headwinds in the form of higher energy prices and interest rate increases does not pose a picture of inflation. To say it does is to fly in the face of the evidence, not to mention, fail to provide any evidence to the contrary.

This is the essence of some of the left-wing "economists" (or musicians) that seem to have gained prominence in the liberal blogging community. I hope this forum will continue to insist on reasoned debate rather than spiritual speculation.