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Panto time at the BoE

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"Economists had to be aware of "confirmation bias", looking for facts that supported their own beliefs, he warned."

Everyone needs to be aware of the risk of sounding like you recently heard of this phenomenon and feel the need to shoehorn it into everything you say.

Incidentally, the "lunatic" claim was made by Rees-Mogg in regard to certain assumptions made by the OBR, it wasn't a comment on economic forecasting in general. I'm sure he partakes in a little forecasting himself when it comes to his emerging markets fund.

Convenient for Weale to completely sidestep the actual accusation, thereby confirming my biases.

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Weasel has no skin in the game so it matters not one whit to him if his useless regression analyses are unsound. Hedge funds, on the other hand, live and die by the accuracy of their forecasts. Unsurprisingly, hedge funds almost never take on applicants with economics degrees, even those with PhDs.

Edited by zugzwang

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