Many where skeptical when unemployment suddenly dropped under 8% right before the 2012 US election. I pointed out at the time that the numbers didn't make sense to me. (Nor the Fed's actions in lieu of those numbers -doubling down on QE when the economy was supposedly on fire.)
Editor's note: OOPS! My original posts linked to Mish's site an not his actual posts -my apologies.
Zerohedge shared some of the skepticism.
Menzie Chen from EconBrowser wrote in an article critiquing Zerohedge's questioning of whether unemployment statistics are being manipulated : "My question: Why do these right-wing paranoid fantasies persist in an era where everybody has access to a calculator, excel, and the internet? For another excursion into the paranoid delusional world of data-conspiracies, see here. (Actually, another question: why does anybody valuing their brain cells read ZeroHedge?)"
The New York Post is claiming that the unemployment statistics WERE tampered before the election.
To Quote Joseph Heller: "Just because you're paranoid doesn't mean they aren't after you”
Personally, I like and respect both sites. Chen's statistics based defense of the numbers vs. Zerohedge's more intuitive approach seems like a showdown between deduction (modelling) and induction (looking to the past as a reference point for analysis). Or perhaps Frequentist versus Bayesian thinking.
Editor's note: OOPS! My original posts linked to Mish's site an not his actual posts -my apologies.
Zerohedge shared some of the skepticism.
Menzie Chen from EconBrowser wrote in an article critiquing Zerohedge's questioning of whether unemployment statistics are being manipulated : "My question: Why do these right-wing paranoid fantasies persist in an era where everybody has access to a calculator, excel, and the internet? For another excursion into the paranoid delusional world of data-conspiracies, see here. (Actually, another question: why does anybody valuing their brain cells read ZeroHedge?)"
The New York Post is claiming that the unemployment statistics WERE tampered before the election.
To Quote Joseph Heller: "Just because you're paranoid doesn't mean they aren't after you”
Personally, I like and respect both sites. Chen's statistics based defense of the numbers vs. Zerohedge's more intuitive approach seems like a showdown between deduction (modelling) and induction (looking to the past as a reference point for analysis). Or perhaps Frequentist versus Bayesian thinking.
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