In front of their own noses, too

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Adding onto yesterday's observations on Krugman's blog post about media malpractice in reporting on the impact of the S&P downgrade, I'll point to another Krugman piece from today. This one addresses the same phenomenon---straightforward lying about the reality right in front of everybody's noses---but pertains to elite economists who lie about their data in very transparent ways.

So this one on the Federal Reserve Board of Governors, a guy named "Narayana Kocherlakota," argues that the Fed should tighten the money supply---raise interest rates, that is---because he wants us to believe that taking money out of the economy will reduce unemployment. But, always the good-natured wag, Krugman points out that:

The Fed dissenters are obviously looking for excuses to pursue tight policies; they’re looking at the facts only in search of support for their prejudices. As the old line goes, they’re using evidence the way a drunk uses a lamppost: for support, not illumination.

Economists do it as much as the media, whether famous neoliberal intellectuals or Federal Reserve policymakers (usually the same guys, anyway). I enjoy reading about Krugman peeing on their lamppost.