Linked by Howard Fosdick on Mon 19th Nov 2012 09:15 UTC
In the News Levi Asher offers his free memoir of his rise and fall in the dot-com boom of the late 1990s and early 2000s. The autobiography covers Asher's twenty-five years in programming: his founding of the oldest ongoing literature website Literary Kicks in 1994, his success with the dot-com website iVillage in 1999 (and its subsequent collapse), and how all this insanity affected his personal life. It's a quick, entertaining read.
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RE[4]: Comment by deathshadow
by kwan_e on Fri 23rd Nov 2012 03:00 UTC in reply to "RE[3]: Comment by deathshadow"
kwan_e
Member since:
2007-02-18

The CPI is supposed to measure the price for maintaining a fixed quality of life, but the fed's been under pressure to manipulate the index for external purposes, which Alan Greenspan notoriously did during his reign over the fed.


Economics in general is about manipulating indexes rather than providing anything meaningful. You can see it in some of the commenters on this website, quoting market caps and P/E ratios, thinking they're intelligent, but not realizing that what they're doing is just choosing the numbers than haven't failed miserably yet and then come up with all kinds of bogus reasons just to keep their own anxieties in check.

Reply Parent Score: 2

RE[5]: Comment by deathshadow
by Alfman on Fri 23rd Nov 2012 03:40 in reply to "RE[4]: Comment by deathshadow"
Alfman Member since:
2011-01-28

kwan_e,

"Economics in general is about manipulating indexes rather than providing anything meaningful."

It seems to me that the concept behind indexes is sound, but they've been corrupted. If the government cannot afford to pay for services when they're pegged to true inflation, then it should come out and say so rather than manipulate the data to come up with favourable numbers. Evidently there's not much incentive to be honest or up front about it.

Reply Parent Score: 2

RE[6]: Comment by deathshadow
by kwan_e on Fri 23rd Nov 2012 04:05 in reply to "RE[5]: Comment by deathshadow"
kwan_e Member since:
2007-02-18

It seems to me that the concept behind indexes is sound, but they've been corrupted.


But they're so easy to corrupt. Even the CPI - who chooses what goes into the "basket of goods", and who chooses which prices to put into the calculation? Unemployment and new jobs figures are even more of a joke. The just redefine the definition of unemployment and new jobs until it looks good.

It's like ley lines. You can look at any data plot and find things that match whatever you want.

http://en.wikipedia.org/wiki/Ley_line#Shape_analysis

Reply Parent Score: 2