“Wet streets cause rain”

The late Michael Crichton used that phrase in connection with a theory of his about the media and its credibility – the “Gell-Mann Amnesia” effect. I have linked to his speech before, but it does make very good reading.

The reason I mention it? Peter Klein’s posts on the same topic – credibility of mainstream media- “Mainstream Journalism, RIP” and “The Failure of the Journalists, Part II”. Read them both, and the comments that follow. Loved this one-

Yet, no matter how many times I see economists take shots at Bush with terms like “Free Marketeer” or Greenspan with the same words and “Randian” and “Libertarian”, I can’t help but steam a little inside.

I don’t know how many times to no avail I have asked what is so “Randian” about Greenspan’s policy record at the Fed. Same for Bush. Like I’ve said, I don’t care how much of fan Greenspan is of Rand in his private life. It has absolutely no substantive relevance in informing Greenspan’s actions in his government post.

Greenspan may also have been a fan of Flash Gordon or the Green Arrow in youth. SO what?

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