Saturday, September 20, 2008

Stupid Eggheaded PhD's!

From the Curious Mercantilist Capitalist:
This is not, yet, a unanimously held opinion. There is even still some debate over whether this even is a recession. But I'm thinking that's going to fade away soon. "All my cousins already know we’re in a recession," says Bob Barbera, chief economist at ITG and, coincidentally, a former Lehman chief economist. "You need a Ph.D in economics to have a debate about it." Barbera thinks that, "in the fullness of time," it will be apparent that the recession began in autumn 2007.
Of course, Barbera is likely just looking for an external villain like the recession to blame for his company's failure, but a more correct statement would have been:
You need to avoid watching the news and election campaign to have a debate about it.

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