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Two pertinent topics on CNNMoney
Old 02-19-2009, 01:18 PM   #1
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Two pertinent topics on CNNMoney

Ask the Expert: The meaning of 'living within your means' - Feb. 19, 2009

...many Americans are now having to face after more than a decade of frenzied borrowing and spending -- namely, the need to downsize a lifestyle that's proven to be unsustainable.
Philip Tetlock on expert predictions on the economy - Feb. 18, 2009

My research certainly prepared me for widespread forecasting failures. We found that our experts' predictions barely beat random guesses - the statistical equivalent of a dart-throwing chimp - and proved no better than predictions of reasonably well-read nonexperts. Ironically, the more famous the expert, the less accurate his or her predictions tended to be.
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Old 02-19-2009, 01:33 PM   #2
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Ironically, the more famous the expert, the less accurate his or her predictions tended to be.
That was true for Elaine Garzarelli after she "called" the 1987 crash, and God willing it will be true of Roubini as well.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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