Posts Tagged ‘new_york_times’

Where Are the Experts?

Tuesday, May 19th, 2009

Probably the aspect of finance and economics that I find most disheartening is the dearth of critical thinking that usually accompanies the subject.  You might expect that among lay people, of course.  But with people who work in the field?  You’d think, understanding all those arcane subjects, that they’d be able to bring to bear a degree of intellectual rigor.  That they’d question the dogmas, challenge the assumptions, and ultimately arrive at their own conclusions.

That they’d be better at this money stuff than the rest of us, in other words.

Alas.

Here’s a link to a story from last weekend’s New York Times titled “My Personal Credit Crisis”.  Written by Edmund L. Andrews, an economics reporter for the paper, it’s a self-effacing account of how even those who are supposed to be experts in this genre… still got it very wrong.

Lest I paint with too broad a brush, I’ll point out that this was/is purely a personal saga – it showcases the credit card and mortgage mistakes that Mr. Andrews and his wife made.  It’s not about investment advice.  And it wasn’t like he was suggesting that all his readers do the same.

But it surely does make you wonder…

“My Personal Credit Crisis”