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Wednesday, April 20, 2005

Statistics Driven Bullshit

http://www.nzherald.co.nz/index.cfm?c_id=1&ObjectID=10121408

"Surprise as House Prices Hit Record" screamed the headline. It should have read "Economists were invented to make Weather Forecasters Look Good."

The figures referred to were median house prices. What actually happened is that more houses in the flasher suberbs were sold during the period under review and less in the dunger areas. Of course the median prices increased. But I'll bet some very good Coonawara shiraz that the actual market itself has plateaued or dropped slightly.

Idiots, all of them. And these are the people who manage our interest rates and currency?

Of course the only hint at the truth was the very last line, a throw away comment from the Real Estate Institute president.

This is not bias, just bullshit. Bullshit Rating: Force 3

Posted by Adolf Fiinkensein | 4/20/2005 09:46:00 AM