Gene Expression

Gregory Clark is an idiot

Greg Clark, chair of the UC Davis Econ department, admits he’s an idiot:

I myself was so confident of the consensus of the end of the business cycle that I persuaded my wife after the collapse of Lehman Brothers to invest all her retirement savings in the stock market, confident that the Fed would soon make things right and we could profit from the panic of a gullible public. The line “Where is my money, idiot?” is her’s.

Comments

  1. #1 steve
    February 17, 2009

    There’s a big difference between an economic historian and a trader. But kudos for honesty!

    Does this reduce your confidence level in other claims that Clark makes?

    Are you willing to outsource your due diligence on topics like the Malthusian trap to him?

  2. #2 razib
    February 17, 2009

    Does this reduce your confidence level in other claims that Clark makes?

    yes. but modulated by:

    There’s a big difference between an economic historian and a trader. But kudos for honesty!

  3. #3 Colugo
    February 17, 2009

    A Farewell to Clarks: The lineages of the foolish, reckless, and overly optimistic will tend to become extinct due to the catastrophic and widespread loss of transgenerational extrasomatic capital. Within a handful of generations the genes of those who were risk averse and pessimistic during this downturn will dominate the North American gene pool, forever changing our national character.

  4. #4 Neziha
    February 17, 2009

    But surely the foolish, reckless, and overly optimistic will have more children during an economic downturn, and thus gain a selective advantage? ;)

  5. #5 bioIgnoramus
    February 17, 2009

    “If you got a A in college in Econ 1 you are an expert in this debate: fully an equal of Summers and Geithner.” Cheeky bugger; I consider myself far superior to those two numpties.

  6. #6 gcochran
    February 17, 2009

    I haven’t lost a nickel. Does that affect my credibility?

  7. #7 tc
    February 17, 2009

    Hey, it ain’t easy to make money – Newton, the madness of men, etc.

  8. #8 Don
    February 18, 2009

    “Within a handful of generations the genes of those who were risk averse and pessimistic during this downturn will dominate the North American gene pool, forever changing our national character.”

    rather, those sperm donors popular in the embryo transplantation industry will dominate the North American gene pool.

  9. #9 Crocasian
    February 19, 2009

    Cochran – first, tell me where the g*d*m Neanderthals are, and then tell me where you invest your g*d*m money, NOW!

  10. #10 chet snicker
    February 19, 2009

    sir,

    vulgarity is unbecoming of a gentleman! perhaps if you comported yourself with civility and exhibited a modicum of grace dr. cochran would deign to respond. yet as it is such a coarse and common exhibition should yield you no results!

    yours truly,

    c.v. snicker