Implied Dissent

Sunday, April 28, 2013

What's that Upton Sinclair Quote?

This is remarkably stupid. Let's see, the federal government, due to sequestration, has some spending cuts. At the same time the Federal Reserve takes a somewhat more aggressive stance on fueling the economy. While this is happening the economy mildly accelerates. However, because the consensus had been for more acceleration than we saw, this proves that the Fed can't offset the impact of fiscal stimulus/austerity. Even leaving aside the problem of revisions (the data is still subject to significant updating up or down), it's a really high degree of confirmation bias in action.


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