Thursday, October 2, 2008

Economic distortion -- more popular than Social Distortion

I encourage you to read this post about a couple misleading things you may have heard about our recent economic down-turn. It's undeniably a bad for time for Americans, but the scientist in me always sheds a tear when he hears arguments from selectively-picked data. From the post:
It’s true that it’s bad and even historic.... For now, however, Apple is still on track to sell 10 million iPhone 3Gs this year, which says something.
Yesterday’s loss of 777 points was stunning as the largest single-day point loss in Dow history. But as a percentage loss that’s not even in the top 10 Bad Dow Days.
I could also rant and rave about all of the average people who suddenly think they're experts because they watched CNN this morning. Those sort of people that appear to know what they are talking about, but really just regurgitate the (potentially suspect) data they imbibe from their favorite flavor of news outlet -- and then use it to tell whomever they meet what must be done about it. And heaven forbid you disagree. But maybe it's best that I keep that to myself.

I could even pontificate on what, exactly, the strong sales of the new 3G iPhone, even in the face of a possible recession, says. (Hint: ...well, I don't actually think any hints are necessary.)

Anyway, be on guard, both for the market, and for the evening news. Trust no one, Mr. Mulder dear reader.