On Sat, Nov 15, 2008 at 10:55 AM, Nick Arnett <[EMAIL PROTECTED]> wrote:
> On Sat, Nov 15, 2008 at 9:55 AM, John Williams <[EMAIL PROTECTED]>wrote:
>

> There have been many warnings and predictions;

That is a problem!

> consistency in predictions is not a precondition for learning and acting.

Of course it is! All sorts of people predict all sorts of things. The
only ones worth listening to are the ones who have a track record of
being consistently right.

> Consistency in predictions is a pipe dream.

If it is, then government regulation of markets is hopeless.
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