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November 16, 2008

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MrTimbo

Hilarious. No data. No argument. Just a story to explain events that are already understood. What an idiot.

abb1

It feels like stocks are going to zero. They won't.

Sounds like the guy is practicing financial psychiatry without a license.

tomboy

The DJIA actually went up more than 20% from its intraday October 10th lows.

It was below 7780 on October 10th, and rallied to over 9700 on November 5th.

So Don Luskin, the bear market didn't last forever, it just feels like you're an idiot.

PQuincy

After the multiple humiliating pummelings that Luskin took at the hands of Brad DeLong and Paul Krugman, one wonders why anyone would take his ideas seriously, but still...thanks for pointing out this further inanity.

My favorite: "The thing that started it was a series of botched government "rescues" of troubled financial firms..."

So were these rescues botched because they were unneeded government intervention into firms that were, well, er, about to fail? Or were they botched because they actually prevented some of the consequences of such failure. By cleverly not specifying the most elementary assumptions behind his story, Luskin tries to let both the blindly ideological 'free market' types and the 'we hate Bush incompetence' types have their cake. Is he saying that the government should not have 'rescued' any of these firms at all -- in which case, like Lehman, they would have been liquidated? Or that the rescue should have been done better (how?)?

Adam Kotsko

I'm poised for the market to dip into negative territory: people won't even accept stock for free -- you have to slip them a fifty along with it.

Robert Waldmann

Don't jump to conclusions. How do you know that the people who pay Luskin for his investment advice aren't already doing the opposite of what he advises ? Always wrong is as useful as always right and Mr Luskin has an *amazing* track record.

I know someone whose brother is a trader type who claims that he makes exactly this use of Luskin.

Robert Waldmann

Oh and, by the way, congratulations on you influence on economic policy makers -- no not on policy on quinoa which they ate at the G-20

"MENU FOR THE DINNER IN HONOR OF THE SUMMIT ON FINANCIAL MARKETS AND THE WORLD ECONOMY

Fruitwood-smoked Quail with Quince Gastrique
Quinoa Risotto"

http://hotlineblog.nationaljournal.com/archives/2008/11/what_are_they_e.html

via Yglesias.

The menu was fine, but could you advise them on the final communique ?

Jose Padilla

When did we rescue Lehman Brothers? The guy is truly an idiot.

abb1

We feed quails to our dog every day. Albeit raw and without risotto.

belle waring

frankly, that seems like a waste of perfectly good quail, abb1. I hope you're already sick of quails split and broiled, on toast, and the many other tasty way to prepare quail. not that I begrudge dogs their tasty treats, but really...

abb1

Well, you see, they are sold whole, with all the entrails, which is what dogs need, according to my daughter. Also, they are relatively cheap here, something like 8-9 euros for a half dozen.

Although I remember a couple of years ago during the avian flu scare they got twice as expensive. The dog wasn't happy.

PG

I'm poised for the market to dip into negative territory: people won't even accept stock for free -- you have to slip them a fifty along with it.

That aspect of "Of Human Bondage" confused the hell out of me when I first read it in high school, before I understood that there were investment schemes other than the limited-liability corporations predominate on the U.S. stock market. Every time Phillip had to put more money into the failing South African whatever-it-was, I kept thinking, "Sell, sell!" It made a good counter-point to the romantic storyline where I kept thinking, "Dump, dump!"

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