[2014-01-24] Nobel Laureate Thinks Bitcoin is an “Amazing” Bubble

[AnhBen]

Nobel Laureate Thinks Bitcoin is an “Amazing” Bubble
http://kculshare.com/2014/01/nobel-laureate-thinks-bitcoin-is-an-amazing-bubble/

[1714859528]

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[1714859528]

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[1714859528]

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[aigeezer]

Nobel Laureate Thinks Bitcoin is an “Amazing” Bubble
http://kculshare.com/2014/01/nobel-laureate-thinks-bitcoin-is-an-amazing-bubble/

There was no Nobel prize in economics. The prize was added about 70 years after the originals and is the invention of a Swedish bank - "in honor of Alfred Nobel". We can, if we want, award a prize to, say, Theymos "in honor of Alfred Nobel" and start calling him a Nobel laureate. See the gimmick?

http://en.wikipedia.org/wiki/Nobel_Prize

[hilariousandco]

Nobel Laureate Thinks Bitcoin is an “Amazing” Bubble
http://kculshare.com/2014/01/nobel-laureate-thinks-bitcoin-is-an-amazing-bubble/

What did he win a Nobel Prize for? They seem to dish 'em out to anyone these days.

[SirWilliam]

I love it, this drooling moron who can't find the on-switch on a computer deludes himself into thinking that he can judge bitcoin to be in a bubble on the second day of a 500-point drop in the Dow! Classic fundamentalist economist ROTFLMAO! 

[odolvlobo]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.

And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

[aigeezer]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.

And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

The article was about "Shiller" (no "c"), the economist from Yale.

Here's another of his recent gaffes:

"In a debate titled "Goldman Vs. Google: A career on Wall Street or in Silicon Valley?" at The Economist's Buttonwood Gathering, the esteemed economist argued that young graduates with a "moral purpose" and interest in the financial world should work for Goldman Sachs instead of Google.

"When you study finance, you are studying how to make things happen, on a big scale, on a lasting scale," Shiller said. "That has to matter more than getting into Google and programming some little gimmick.""

http://www.businessinsider.com/nobel-robert-shiller-work-for-goldman-sachs-google-2013-10

As for the ersatz Nobel prize, it is used to add gravitas to his message for audiences who are impressed by such things.
 

[SirWilliam]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.

And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

The article was about "Shiller" (no "c"), the economist from Yale.

Here's another of his recent gaffes:

"In a debate titled "Goldman Vs. Google: A career on Wall Street or in Silicon Valley?" at The Economist's Buttonwood Gathering, the esteemed economist argued that young graduates with a "moral purpose" and interest in the financial world should work for Goldman Sachs instead of Google.

"When you study finance, you are studying how to make things happen, on a big scale, on a lasting scale," Shiller said. "That has to matter more than getting into Google and programming some little gimmick."

http://www.businessinsider.com/nobel-robert-shiller-work-for-goldman-sachs-google-2013-10

As for the ersatz Nobel prize, it is used to add gravitas to his message for audiences who are impressed by such things.
 

HAhaaaaaaa brilliant. He's so ignorant, and yet so arrogant. No wonder he loves Goldman.

[hilariousandco]

Shiller’s position is understandable, since he was awarded the 2013 Nobel Prize in Economics for his work on trend-spotting in asset markets. Shiller also examined the volatility of stock prices and their correlation with dividends.

We'll see how good his trend-spotting turns out to be within a few years time  .

[TraderTimm]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.

And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

Appeal to authority eh?

Here's what I think about economists in general.

They are pseudo-scientists, masquerading as practitioners in math and probabilities. I'd love to have a job as an economist, I could rake in a nice salary, and be completely WRONG on all of my forecasts - and still have a job.

The fact you even laud this chump says volumes about your critical thinking skills. You do realize that PhD Economists have single-handedly screwed over the US Economy?

Recall when Greenspan admitted he "didn't realize" that lower interest rates would kick-start the housing bubble?

Recall when Bernanke thought that "subprime was contained" before the final crash in the subprime scandal?

Those are only the highlights - there are plenty more examples to go around.

Do some reading, and when you feel compelled to white-wash the entire community here as "idiots", you may want to check if you're just hearing the echo from your empty skull.

[pjviitas]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.

And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

Appeal to authority eh?

Here's what I think about economists in general.

They are pseudo-scientists, masquerading as practitioners in math and probabilities. I'd love to have a job as an economist, I could rake in a nice salary, and be completely WRONG on all of my forecasts - and still have a job.

The fact you even laud this chump says volumes about your critical thinking skills. You do realize that PhD Economists have single-handedly screwed over the US Economy?

Recall when Greenspan admitted he "didn't realize" that lower interest rates would kick-start the housing bubble?

Recall when Bernanke thought that "subprime was contained" before the final crash in the subprime scandal?

Those are only the highlights - there are plenty more examples to go around.

Do some reading, and when you feel compelled to white-wash the entire community here as "idiots", you may want to check if you're just hearing the echo from your empty skull.

+1

[Lethn]

Thinking that someone is right 'because' they have a piece of paper despite the fact that what they're saying goes against all reality and basic mathematics is precisely why I never bothered going to university despite having the opportunity to do so and is an excellent example of what I think is wrong with our world society today.

[pjviitas]

Thinking that someone is right 'because' they have a piece of paper despite the fact that what they're saying goes against all reality and basic mathematics is precisely why I never bothered going to university despite having the opportunity to do so and is an excellent example of what I think is wrong with our world society today.

University education has its place however it creates a disconnect between theory and the real world.

University educated people can have a tendency not to understand this which can create more problems than they solve.

[odolvlobo]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.
And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

Appeal to authority eh?
Here's what I think about economists in general.
They are pseudo-scientists, masquerading as practitioners in math and probabilities. I'd love to have a job as an economist, I could rake in a nice salary, and be completely WRONG on all of my forecasts - and still have a job.

The fact you even laud this chump says volumes about your critical thinking skills. You do realize that PhD Economists have single-handedly screwed over the US Economy?
Recall when Greenspan admitted he "didn't realize" that lower interest rates would kick-start the housing bubble?
Recall when Bernanke thought that "subprime was contained" before the final crash in the subprime scandal?
Those are only the highlights - there are plenty more examples to go around.
Do some reading, and when you feel compelled to white-wash the entire community here as "idiots", you may want to check if you're just hearing the echo from your empty skull.

Well, the economists that I follow are acutely aware that economics is a pseudo-science and they have a strong distaste of those that stray into preaching policy (Krugman, for example). By dismissing people simply because you disagree with them, you are perpetuating your ignorance. It reminds me of the Catholic church's war on science. You may criticize my critical thinking skills, but I am using them -- you are not.

Your generalization of economists is based on ignorance and since you can't seem to distinguish the differences between individual economists, your opinion on them is worthless.

[pjviitas]

You guys are a bunch of idiots. Robert Schiller is a very respected economist and he is a lot smarter than you. He may be getting this wrong but he still deserves a lot more respect than morons like you.
And as for the non-existent Nobel Prize in Economics ... nobody cares. Economists even joke about how it isn't a real Nobel Prize. Anyway, he got the award because he did something that you will never be able to do. So STFU and do something meaningful with your lives.

Appeal to authority eh?
Here's what I think about economists in general.
They are pseudo-scientists, masquerading as practitioners in math and probabilities. I'd love to have a job as an economist, I could rake in a nice salary, and be completely WRONG on all of my forecasts - and still have a job.

The fact you even laud this chump says volumes about your critical thinking skills. You do realize that PhD Economists have single-handedly screwed over the US Economy?
Recall when Greenspan admitted he "didn't realize" that lower interest rates would kick-start the housing bubble?
Recall when Bernanke thought that "subprime was contained" before the final crash in the subprime scandal?
Those are only the highlights - there are plenty more examples to go around.
Do some reading, and when you feel compelled to white-wash the entire community here as "idiots", you may want to check if you're just hearing the echo from your empty skull.

Well, the economists that I follow are acutely aware that economics is a pseudo-science and they have a strong distaste of those that stray into preaching policy (Krugman, for example). By dismissing people simply because you disagree with them, you are perpetuating your ignorance. It reminds me of the Catholic church's war on science. You may criticize my critical thinking skills, but I am using them -- you are not.

Your generalization of economists is based on ignorance and since you can't seem to distinguish the differences between individual economists, your opinion on them is worthless.

I think that all this poster is trying to say is that these pseudo-scientists can get alot of airplay in the court of public opinion and get away with saying things which may not necessarily have any merit