I just learned the name for this phenomenon. It explains so many perplexing things in the world.
"The Dunning-Kruger effect occurs when incompetent people not only fail to realise their incompetence, but consider themselves much more competent than everyone else. Basically - they’re too stupid to know that they’re stupid.
If you have no doubts whatsoever about your brilliance, you could just be that damn good. On the other hand… "
You learn somthing new every day!
I already knew that. 
I’ve seen that referenced with respect to attending national security briefings.
I’ve noticed the effect in almost every political conversation I’ve ever had.
Is this the same Kruger responsible for current US economic policy by which the stupid Keynesians got it in their heads that they can keep the economy running hot forever by continuing to tweak knobs on all the bubbles so they never pop? (QE3 is an attempt to re-inflate the already busted housing bubble)
They don’t know what they don’t know.
No, that was someone else, but you’ve beautifully demonstrated this effect.
I never doubt my brilliance. 8)
Ahem…getting close to political there.
Howso? There are two people named Kruger here, apparently. They’re both professors of knowledge.
Is this the same Michael Jackson that brewed all the beer?
QE I, II, & III are about reducing debt through inflation, by printing money (open-endedly with QE III).
This economic strategy is “encourage people to continue buying into the busted market to keep the bubble from deflating.” Essentially we’ve acknowledged (not admitted–nobody ever denied it) that the housing market busted (collapsed, etc). The “support to the housing sector by encouraging home purchases” directly says “increase demand [i.e. encourage purchasing] for houses.” If demand drops off, the prices must move down to bring demand up; essentially the total cost of a house is the amount paid–taxes, interest, sale price, PMI–and so increasing interest rates pushes up the total cost, meaning demand will drop unless home prices go down. Keeping interest rates low keeps home sale prices up.
Yeah, the economics are fairly direct–this is Keynesian economics, not Democrat vs Republican–but the fact of the matter is the current administration is [perceived to be] run by Democrats and every action taken is [figureheaded] by Barrack Obama, so when we discuss abstract economics people will jump behind their respective party lines to argue from.
The best part is when it swaps around–when the Republicans start doing it–the arguments reverse entirely. As I said, the economics are fairly direct and separated; America tends to follow a Keynesian economic policy, regardless of party. That is to say, we try to keep markets from busting and collapsing by pressing the right economic buttons to keep the boom going forever. The only policy difference is exactly how the Republicans propose to do exactly that versus how the Democrats propose to do exactly that.
Since these policies differ, people will ignore things like “The boom will always lead to the bust, trying to stop the bust is the wrong way to do it!” and go straight to “Well [my party] is doing it right and [your party] is full of idiots!”
That’s the problem with politics: you can’t discuss anything without hitting it. Can’t buy beer on Sundays? Should these laws that mandate liquor stores close on Sundays be repealed? Suddenly we start talking about which political parties support blue laws, and then claim it’s because of religious value systems, and somebody switches the word ‘religion’ out with ‘superstition’, and now we’re discussing politics AND religion and suddenly the discussion is unproductive.
It’s like Godwin’s law, except with the POTUS.
The real estate component of QE III is just cover for the underlying devaluation (“quantitative easing”) of the US dollar.
BFI - It’s KrugMAN, not Kruger. You have no idea what the man’s name is, but you’re confident he’s wrong. That’s why it’s a beautiful example of the Dunning-Kruger effect. It’s a heady mix of ignorance, confidence, belligerence, and arrogance.
You’re on a roll today Nate. Someone piss in your Wheaties this morning?
When I was a little kid, everyone told me to just “be myself.” It turns out, in my heart of hearts, I’m a raging asshole.
Oh, but hey, it looks good on you… :o
