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In Kauffman Foundation video, economics bloggers share blame for misreading depth of recession
By DIANE STAFFORD
The Kansas City Star
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Seventeen of the country’s leading economics bloggers, invited to meet in Kansas City earlier this year by the Ewing Marion Kauffman Foundation, now star in a Kauffman-produced video.
The video, available at www.entrepreneurship.org, is hosted by Tim Kane, a senior fellow in research and policy at the foundation.
Kane, a blogger at Growthology.org along with Kauffman Vice President Bob Litan, stitches together a patchwork of opinions by economists.
Among them: The blogosphere was only slightly better than the mainstream media in forecasting the depth of this recession.
Mike Mandel, whose Economics Unbound blog is at BusinessWeek.com, said writers “looked to others and found supporting cues which basically said, ‘Well, this guy is optimistic like I am, so that validates my view.’ And we all creeped further and further over the edge.”
Blogger Arnold Kling said part of the problem was that “people knew stuff that wasn’t true,” including such faulty truths as “regulators knew that their capital regulations were working really well for banks.”
Mark Thoma, who blogs at EconomistsView.typepad.com, said the legacy of this recession will be pronounced.
“We’re going to look back and say our models were inadequate. They need to be changed. We didn’t predict it coming. … We looked in our toolbag for ways to manage it, and they weren’t there.”
But Yves Smith, the author of NakedCapitalism.com, defended the blogging community.
“There was more realistic talk out in the blog world,” she said, pointing to pressure “in the media to tell a happy story. People don’t really like hearing bad news in business.”
The video’s end theme, as might be expected because of the Kauffman Foundation’s advocacy for entrepreneurship, is that business startups will create jobs and industries.
“We are right now in a financial crisis based on our determination that old industries are too big to die,” said Robert Cringely, a technology blogger at Cringely.com. “That’s crazy. They’re too big to survive.”
Posted on Mon, Aug. 31, 2009 10:15 PM
Events for the Week:
9/11 | US Marines Pull Up Challenge |
10-1 in the Union | |
9/14 | Fed Experience Info Session |
9:30 212 Union | |
9/15 | Mentor Program Orientation |
5:45-7 in 304 WSC | |
9/17 | Etiquette Dinner RSVP Deadline |
$20 | |
Mock Interview | |
Sign up on eRecruiting | |
9/21-22 | Vector Marketing |
10-2 / 11-2 in the Union | |
9/22 | Etiquette Dinner |
6-8:30 Four Points by Sheraton | |
Peace Corps | |
5:30-6:30 UMKC | |
9/23 | Greater Kansas City Employer Fair |
10-3 UMKC | |
9/24 | Fed Reserve Deadline |
Etiquette Tip of the Week:
Wait for hot items to cool. Do not blow on your soup to cool it, because you might splatter on someone else. Do not take the ice from your beverage and use it to cool hot soup or a hot beverage. Never use your spoon to scoop ice out of your beverage and do not even think about using your fingers.
If you are in an interview or an important business meeting -- waiting for hot soup or a hot beverage to cool demonstrates patience.
As you know, giving credit to the Culture and Manners Institute at http://www.cultureandmanners.com/ is the polite thing to do.
If you are in an interview or an important business meeting -- waiting for hot soup or a hot beverage to cool demonstrates patience.
As you know, giving credit to the Culture and Manners Institute at http://www.cultureandmanners.com/ is the polite thing to do.
Quote from the Office:
“Why is my backpack back on?!?!” –Manny
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