Richmond Fed's Brahmin: Bloogers Are Stupid

A good laugh for the day.

Bruce Krasting at Zero Hedge writes:

Fed Economist: Bloggers are Stupid (6/28/2010 Zero Hedge)

"A Richmond Va. Federal Reserve Economist, Kartik Athreya wrote a paper recently that trashes economic bloggers. Mr. Artheya has a PhD from the University of Iowa. I’m not so sure a few years in corn land gives him the right to take cheap shots at the new media. I am absolutely convinced that this type of thinking should not be expressed by Fed officials. It proves to me that the Fed is an elitist organization that is out of touch with America in 2010. The full report from Athreya is here. Some of the more offending comments:

Writers who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy.

"So we have to go to school for two years to be able to write about the issues of the day. That would exclude me and a lot of others. The fact that I worked on Walls street for 30 years does not qualify me to say a word." [The article continues.]

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