- #36
russ_watters
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So you're saying it was almost a disaster? Almost a disaster isn't a disaster. I've pointed this out to you before.Ivan Seeking said:We nearly lost the US, and even the global financial system. It appears that we may have averted disaster with the bailout, but we don't really know yet.
All news sources are pretty much the same at this point. Our differencecs in perspective are summed up perfectly by what you just said. You don't differentiate between things that could happen and things that did.What do you use as a news source?
Now to some extent we're simply talking about differen things. You can say you're in a "crisis" (a word often used here) if there is the potential, for something bad to happen. But that's not what I'm talking about. I'm talking about comparing bad things that actually happened. And that's fine in some cases, but not here...
Going a step further, your method of comparison is flawed, but I think you like it because the flaws lend themselves well to irrational thought and you primarily approach this situation based on irrational fear - it permeates most of your posts on the economic crisis. But in particular, the flaws are:
1. There is no list anywhere of crashes that almost happened, so there is no way for you to compare the risk of collapse today with other crashes that didn't happen.
2. You're comparing things that didn't happen with things that did and putting them on equal footing with each other. But anyone who has been in a car crash will tell you that "almost died" is a heluva lot better than "died".
3. Similar to above, your method is biased toward the present. It is based on fear and predictions about potential that wear off with time. The further back you go, the less you can remember how much fear people had and the less information is available about it.
4. Your method isn't logically consistent, but assuming you even wanted it to be, you'd have to consider the possibility of a crisis that was almost averted. The economy was very shaky last year, but until September, it didn't really crash. A few more months of weathering the storm and it might never have.
5. Your method is based on assuming the absolute worst case is the most likely outcome of the crash that didn't happen. That plane that crashed on the Hudson was almost a disaster and could have killed everyone on board, which is how the media reports it, but the reality is that in situations like that, they almost never do.
6. Similar to above, when pressed for a real prediction, an good scholar will try to predict exactly how bad it could have been, but the fact of the matter is that it is still just a prediction.
7. Besides the method itself being flawed, in this case, you are basing your opinion on a very limited amount of information.
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