Scot Dutchy wrote: ↑Sun Dec 20, 2020 6:13 pm
Joe wrote: ↑Sun Dec 20, 2020 5:01 pm
Well, Scot has definitely pulled off the ad hominem of the week, calling the US Federal Reserve economic research agency a right wing think tank. It's especially ironic that he is trying to dismiss the US government's own data when it glaringly illustrates the very point he's making.
So the top 1% don't own 90% of wealth in the US, the top 10% sure as hell do, and the bottom 50% don't own jack shit.
It is not a right wing think tank? Who guarantees the data? Look, even it proves the point I am making what is its validity? We all know the right wing verge on the criminal and sometimes are even criminal. It just means data is always dodgy but it will never be dodgy in the positive sense. The beast is always corrupt especially when it comes to wealth.
It's not a right wing think tank. It's an agency of the US Federal Reserve, the central bank of the USA. It provides it's data to the public and it's reports are subject to intense scrutiny and review by economists and policy makers. Here's how they
describe themselves:
About Economic Research at the St. Louis Fed
Goals
Under the leadership of Research Director Christopher J. Waller, the Division's research economists expand the frontier of economic knowledge by producing high-quality original research in the areas of macroeconomics, money and banking, and applied microeconomics. They contribute to monetary policy discussions by advising Bank president James Bullard on a range of topics, especially in preparation for Federal Open Market Committee (FOMC) meetings.
The Research Division is in the top 1% of all economics research departments worldwide. The working paper series offers emerging research ideas to stimulate discussion, while St. Louis Fed publications provide analysis and instruction for the general public, journalists, and students. These outlets allow Division economists to quickly and efficiently address economic trends, explore historical and current data for economic policy, and expand the understanding of issues relevant to our region, the nation, and the world.
Research Environment
Economists in the Research Division have a primary responsibility to conduct research. Our economists publish in numerous refereed journals and present at conferences all over the world. Economists develop their own research topics; then, in a collegial environment, they are challenged to move their ideas even further. All the necessary supports are in place to allow them to focus on what they do best—research.
Division leadership understands that the proximity of innovative thinkers can expand current ideas and reveal new areas for exploration. The Division hosts visiting scholars for both short-term and long-term appointments and summer dissertation interns. The Division’s research associates, who support the economists in their research, are encouraged to actively participate in this environment to develop their own skills as future economists and policy experts.
The Division sponsors and cosponsors conferences, seminars, lectures, and workshops on a wide variety of economic topics and invites economists from all over the nation and the world. The regular seminar series features the work of Division economists, visiting scholars, and invited guests.
If you wish to contest their results, that's fine, but a credible critique would address their work, not their alleged ideology and certainly not rely on unproven assertions about their data.
"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe." - Albert Einstein
"Wisdom requires a flexible mind." - Dan Carlin
"If you vote for idiots, idiots will run the country." - Dr. Kori Schake
