{"id":190934,"date":"2009-10-14T10:26:00","date_gmt":"2009-10-14T15:26:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/10\/14\/im-not-an-economist-but\/"},"modified":"2009-10-14T10:26:00","modified_gmt":"2009-10-14T15:26:00","slug":"im-not-an-economist-but","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/10\/14\/im-not-an-economist-but\/","title":{"rendered":"I’m not an Economist, but …."},"content":{"rendered":"

I have to agree with Dean Baker when he excoriates New York Times<\/span> reporter Andrew Ross Sorkin for this bit of crap<\/a>:<\/p>\n

That Treasury bills were trading for less than 1 percent interest, as if they were no better than cash, as if the full faith of the government had suddenly become meaningless.<\/p><\/blockquote>\n

When you have people who lend you money, and they ask for less interest from you, which is the position of the government when they sell Treasuries, it means that they have more<\/span> faith in you, not less.<\/p>\n

The issue was not<\/span> that people stopped trusting the government as Sorkin implies, it is that people are desperate<\/span> for Government debt, because the lost faith in everything else<\/span>.<\/p>\n

I’ve done a quick google, and it appears that he’s also one of the idiots who took the thoroughly debunked<\/a> $70\/hour pay rate propaganda GM workers, which included the costs of those workers who were already retired, and ran with it.<\/p>\n

I Googled Mr. Sorkin, so see if this was perhaps yet another innumerate journalist covering finance, and while I know when<\/span> he earned his degree (BS, in 1999), and where<\/span> he earned his degree (Cornell University), I cannot determine what he earned his degree in, and hence the degree to which is actually able to count.<\/p>\n

My guess is that he got it in pastry baking.<\/p>\n","protected":false},"excerpt":{"rendered":"

I have to agree with Dean Baker when he excoriates New York Times reporter Andrew Ross Sorkin for this bit of crap: That Treasury bills were trading for less than 1 percent interest, as if they were no better than cash, as if the full faith of the government had suddenly become meaningless. When you …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,974,982],"tags":[],"class_list":["post-190934","post","type-post","status-publish","format-standard","hentry","category-finance","category-hack-journalism","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190934"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190934"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190934\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}