If the River don't rise

One often can find a ‘nasty surprise’ in Economic data, often when one least expects it. I know the Fed has already run the data through their Economic models, but they have yet to apply that data to the rigor of Accounting principles, which the so-called ‘Stress Test’ does imply. It might be so bad, that Dr. Zarnowitz could have died just to avoid it. I suspect that it will not show the rosy sweetness which Fed and Government officials hope it will. There has been systemic centralization of funds in the Banking system, with outlying community banks still hiding their extended involvement with the Credit Swaps. It will probably be the first time that such an assessment has been made, and could be a little frightening.

Stephan Quake would take Us through the horror of potential bias produced by ‘Conflict of Interest’ in academics. The entire issue amuses me to a great degree, as no academic study has any impact until some business medium adopts the consensus of the reportage, and no one criticizes the avowed predatory interest of the business leadership which ensures that adoption. Neither Businessman or Politician makes the slightest claim to bipartisanship in coopting their desired program, yet there is universal demand that academic studies exhibit an egalitarian attitude held almost nowhere else. Academics feel threatened by their own insecurities, not by any sensible fear of damage.

Here is an example of perfect academic evaluation of Public policy. All of the ‘i's’ must be dotted, and the ‘t’s’ crossed. The avowal of Intent must be explicit and precise, or rejection must be the course of action. It does not matter that the Intent has been previously set, or that the rigor of Program accounting will set up the limits of expansion. The Whole must contain the exact essence by exact definition, or the rigor of academia would call for refusal of publication. I can not tell whether Politics would be aided or hindered by such exactitude, but am extremely grateful that Business ignores such qualifications. lgl