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Rich ToscanoKeymaster[quote=pri_dk]
Not trying to be overly pedantic here, but I don’t see current market prices as “right” or “wrong” with regard to macroeconomics – they are just a data point. What can we use to “prove” anything, except data?
[/quote]Just because something is a piece of data doesn’t mean that it is a valid or relevant piece of data.
My entire point has been that, because huge financial market mispricings occur so frequently, citing current financial market prices is never valid proof of any fundamental or macroeconomic claim.
I agree with the rest of your post but it really has nothing to do with the point I was making.
Rich ToscanoKeymaster[quote=pri_dk]
Not trying to be overly pedantic here, but I don’t see current market prices as “right” or “wrong” with regard to macroeconomics – they are just a data point. What can we use to “prove” anything, except data?
[/quote]Just because something is a piece of data doesn’t mean that it is a valid or relevant piece of data.
My entire point has been that, because huge financial market mispricings occur so frequently, citing current financial market prices is never valid proof of any fundamental or macroeconomic claim.
I agree with the rest of your post but it really has nothing to do with the point I was making.
Rich ToscanoKeymaster[quote=pri_dk]
Not trying to be overly pedantic here, but I don’t see current market prices as “right” or “wrong” with regard to macroeconomics – they are just a data point. What can we use to “prove” anything, except data?
[/quote]Just because something is a piece of data doesn’t mean that it is a valid or relevant piece of data.
My entire point has been that, because huge financial market mispricings occur so frequently, citing current financial market prices is never valid proof of any fundamental or macroeconomic claim.
I agree with the rest of your post but it really has nothing to do with the point I was making.
December 8, 2010 at 5:38 PM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #637253
Rich ToscanoKeymasterNice. What’s your “rig?” I used a Bradley Smoker for a really long time, but it finally died so I decided to try something different and got a Big Steel Keg (more or less the same as a Big Green Egg) because my gas grill suxd and the BSK can do low and slow or cook super hot, as needed. Just got it and I’m still playing around.
December 8, 2010 at 5:38 PM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #637326
Rich ToscanoKeymasterNice. What’s your “rig?” I used a Bradley Smoker for a really long time, but it finally died so I decided to try something different and got a Big Steel Keg (more or less the same as a Big Green Egg) because my gas grill suxd and the BSK can do low and slow or cook super hot, as needed. Just got it and I’m still playing around.
December 8, 2010 at 5:38 PM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #637905
Rich ToscanoKeymasterNice. What’s your “rig?” I used a Bradley Smoker for a really long time, but it finally died so I decided to try something different and got a Big Steel Keg (more or less the same as a Big Green Egg) because my gas grill suxd and the BSK can do low and slow or cook super hot, as needed. Just got it and I’m still playing around.
December 8, 2010 at 5:38 PM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #638037
Rich ToscanoKeymasterNice. What’s your “rig?” I used a Bradley Smoker for a really long time, but it finally died so I decided to try something different and got a Big Steel Keg (more or less the same as a Big Green Egg) because my gas grill suxd and the BSK can do low and slow or cook super hot, as needed. Just got it and I’m still playing around.
December 8, 2010 at 5:38 PM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #638355
Rich ToscanoKeymasterNice. What’s your “rig?” I used a Bradley Smoker for a really long time, but it finally died so I decided to try something different and got a Big Steel Keg (more or less the same as a Big Green Egg) because my gas grill suxd and the BSK can do low and slow or cook super hot, as needed. Just got it and I’m still playing around.
Rich ToscanoKeymaster[quote=pri_dk]The fact that there once was a bubble in the price of one type of asset doesn’t tell us anything about whether some another asset is in a bubble today.
[/quote]Nor did I suggest as such. My point was that financial market prices shouldn’t ever be used in an attempt to “prove” any macroeconomic statement, because financial markets are often wrong. I mentioned housing in 2005 because at the time, many people were citing rising home prices as proof of housing’s great fundamentals.
As for people paying “a lot” for government bonds: rates are at multi-generational lows, so it really isn’t debatable that people are, relatively speaking, paying a lot.
Rich ToscanoKeymaster[quote=pri_dk]The fact that there once was a bubble in the price of one type of asset doesn’t tell us anything about whether some another asset is in a bubble today.
[/quote]Nor did I suggest as such. My point was that financial market prices shouldn’t ever be used in an attempt to “prove” any macroeconomic statement, because financial markets are often wrong. I mentioned housing in 2005 because at the time, many people were citing rising home prices as proof of housing’s great fundamentals.
As for people paying “a lot” for government bonds: rates are at multi-generational lows, so it really isn’t debatable that people are, relatively speaking, paying a lot.
Rich ToscanoKeymaster[quote=pri_dk]The fact that there once was a bubble in the price of one type of asset doesn’t tell us anything about whether some another asset is in a bubble today.
[/quote]Nor did I suggest as such. My point was that financial market prices shouldn’t ever be used in an attempt to “prove” any macroeconomic statement, because financial markets are often wrong. I mentioned housing in 2005 because at the time, many people were citing rising home prices as proof of housing’s great fundamentals.
As for people paying “a lot” for government bonds: rates are at multi-generational lows, so it really isn’t debatable that people are, relatively speaking, paying a lot.
Rich ToscanoKeymaster[quote=pri_dk]The fact that there once was a bubble in the price of one type of asset doesn’t tell us anything about whether some another asset is in a bubble today.
[/quote]Nor did I suggest as such. My point was that financial market prices shouldn’t ever be used in an attempt to “prove” any macroeconomic statement, because financial markets are often wrong. I mentioned housing in 2005 because at the time, many people were citing rising home prices as proof of housing’s great fundamentals.
As for people paying “a lot” for government bonds: rates are at multi-generational lows, so it really isn’t debatable that people are, relatively speaking, paying a lot.
Rich ToscanoKeymaster[quote=pri_dk]The fact that there once was a bubble in the price of one type of asset doesn’t tell us anything about whether some another asset is in a bubble today.
[/quote]Nor did I suggest as such. My point was that financial market prices shouldn’t ever be used in an attempt to “prove” any macroeconomic statement, because financial markets are often wrong. I mentioned housing in 2005 because at the time, many people were citing rising home prices as proof of housing’s great fundamentals.
As for people paying “a lot” for government bonds: rates are at multi-generational lows, so it really isn’t debatable that people are, relatively speaking, paying a lot.
December 8, 2010 at 9:17 AM in reply to: OT-Public Service anouncement-Phil’s BBQ is open in San Marcos #637545
Rich ToscanoKeymaster[quote=sdrealtor]Sorry Prof but there are lots of different styles of BBQ. [/quote]
Same goes for wine… some of it even comes in a box! 😉
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