{"id":3714,"date":"2011-07-14T22:10:54","date_gmt":"2011-07-15T05:10:54","guid":{"rendered":"http:\/\/www.blackswanreport.com\/blog\/?guid=892ac8b4310a23c1409ce4f4f5d0ffb9"},"modified":"2011-07-14T22:10:54","modified_gmt":"2011-07-15T05:10:54","slug":"dodd-frank-created-stats-office-comes-under-fire-real-time-economics-wsj","status":"publish","type":"post","link":"https:\/\/www.blackswanreport.com\/blog\/2011\/07\/dodd-frank-created-stats-office-comes-under-fire-real-time-economics-wsj\/","title":{"rendered":"Dodd-Frank-Created Stats Office Comes Under Fire &#8211; Real Time Economics &#8211; WSJ"},"content":{"rendered":"<blockquote><p>Shared by  JohnH<br \/>\n<br \/>\nHatTip to Dave Lull.<\/p><\/blockquote>\n<p>Mr. Taleb\u2019s critique of the OFR, on the other hand, is directed at the whole concept of creating a body to try to measure risk in the financial system. Mr. Taleb gained fame for his book \u201cThe Black Swan,\u201d which suggested consequential, and unpredictable, events in financial markets are more likely than most investors believe.<\/p>\n<p>In his testimony, Mr. Taleb said that \u201c[f]inancial risks, particularly those known as Black Swan events cannot be measured in any possible quantitative and predictive manner; they can only be dealt with [in] nonpredictive ways.\u201d He argued that trying to do what the OFR is designed to do could actually increase risks, in part by increasing \u201coverconfidence\u201d in the information\u2019s ability to predict the next crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shared by  JohnH <\/p>\n<p>HatTip to Dave Lull.<br \/>\nMr. Taleb\u2019s critique of the OFR, on the other hand, is directed at the whole concept of creating a body to try to measure risk in the financial system. Mr. Taleb gained fame for his book \u201cThe Black Swan,\u201d w&#8230;<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3714","post","type-post","status-publish","format-standard","hentry","category-feeds"],"_links":{"self":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/3714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/comments?post=3714"}],"version-history":[{"count":0,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/3714\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/media?parent=3714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/categories?post=3714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/tags?post=3714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}